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Mixed bag of listings to float

THIS month’s ASX floats coming out of WA are a mixed bunch, and  not only in the sectors represented.

Three possible resources listings will be complemented by property fund and commercial lending opportunities, with amounts being raised likely to vary between $1.45 million and $64.7 million.

First cab off the rank this month was Acumen Capital Property Securities Fund, raising $64.7 million, fully subscribed at $1 per unit.

All units were allotted early last week – 40 million to public investors and 24.7 million to interest owners.

The $24.7 million will be invested into at least 11 unlisted funds, with a 47 per cent retail, 41 per cent office and 12 per cent industrial mix.

Acumen Capital says the projected distribution yield on this will be about 10 per cent for the 2003 full year.

Commercial lender Financial Resources Limited plans to hit the boards later this month through an alliance with Kareelya Investments Ltd Property Group and The WA Property Trust.

Financial Resources founder and managing director Barry Samuels says the “pin-stripe suit and bowler hat type of investment” had attracted healthy interest, with hundreds of orders for the prospectus, both online and from the group’s regular client base.

The company, which will become Transact Limited, says it is likely to close its $1.45 million offer oversubscribed and before the advertised July 22 date.

The 20-cent per share offer can be extended by a further $1 million.

Gold explorer Gleneagle Gold extended its June closing date by two weeks to July 11, after printing delays.

However, the company remained confident of a listing by the end of the month, managing director Ian Prentice said earlier this week.

Gleneagle is chasing $5 million through a 20-cent per share offer, and said it was close to achieving the minimum $4.5 million in late June.

Oilex Limited is also pricing itself at 20 cents per share, hoping to raise $3 million on 12 onshore Queensland oil interests by the end of next week.

Chairman Max Cozjin reported strong interest Australia-wide and said Oilex was on-track for a planned end-of-month listing.

Persistent gold, nickel and diamond chaser Berkeley Resources is currently scheduled to close its $4.6 million offer in the middle of the month, but there could be another extension in the wind.

The company remains “confident of listing” but will not commit to just when, with a possible “deal” yet to be first concluded. Striker Resources last month shelved plans for a $5 million listing of wholly owned gold subsidiary Napier Minerals, after a disappointing response from Striker Resources.

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