Gascoyne, Matrix add to growing IPO list

PERTH companies Gascoyne Resources and Matrix Composites and Engineering are planning to make their way to the local bourse by year’s end, adding to the growing list of Western Australian firms going public.

West Perth-based Gascoyne this week opened its $6 million initial public offer, with shareholders in Giralia Resources and Helix Resources to be given priority.

Gascoyne was created to hold the gold assets of both Giralia and Helix, with the Glenburgh asset near Meekathara to be the flagship project.

The project has an inferred resource of 203,000 ounces of gold.

Giralia has agreed to underwrite the IPO to up to $3 million, or 15 million shares at 20 cents each.

The balance of the shares to be issued through the IPO will be managed by Patersons Securities.

On the board is non-executive chairman Graham Riley, managing director Gordon Dunbar and non-executive director John den Dryver.

Malaga-based Matrix, a resource services company, this week completed its $15 million initial public offer, with the bulk of the funds to go towards development of its property within the Henderson-based Australian Marine Complex.

The company plans to consolidate its existing seven facilities located across Perth at the 8.4-hectare Henderson site, which is expected to double production of its engineered products.

Matrix has forecast 2009-10 revenue to reach $117.7 million, and earnings before interest, tax, depreciation and amortisation $13.7 million.

On the Matrix board is non-executive chairman Nigel Johnson, chief executive Aaron Begley, executive director Paul Wright and non-executive directors Max Begley and Craig Duncan.