AlintaGas closes early
THE AlintaGas public offer will close nine days ahead of schedule. Energy Minister Colin Barnett said the retail offer for stapled securities in the company would close at 5pm on Friday. He said there would be a final round of advertising to ensure the closure information and opportunity to be involved was seen throughout WA. He said the offer was already oversubscribed so there would be some scaling back. AlintaGas is expected to list on the Australian Stock Exchange on October 17 with an estimated market capitalisation of $360 million.
Land appeal upheld
PLANNING Minister Graham Kierath has upheld an appeal for development on land owned by the Buckeridge Group of Companies at Hazelmere. The appeal resulted from the Swan City Council failing to rule on the development of the land as it could conflict with a proposed road extension. Mr Kierath said the council had not refused approval for the land to be used for industrial purposes. It had delayed any decision while the road extension remained a possibility.
Medcorp take shape
PERTH-based Medical Corporation Australia Ltd has acquired a major stake in Objectivision Pty Ltd and its diagnostic technology that is expected to revolutionise the detection of sight-related disease. Medcorp, an ASX listed company, now holds 40 per cent of Objectivision, a medical firm established to market ground breaking technology developed by Dr Stuart Graham and Dr Alex Klistorner of the University of Sydney’s Save Sight Institute. The $2 million cash injection by Medcorp will allow Objectivision to fund further research and finalise development to a fully commercial level.
Broker raises $5.5m
ONLINE insurance broker Insurance My Way has raised $5.5 million through a mix of debt and equity, including a placement at 30¢ per share, a significant premium on the company’s current share price. The investment will be held and funded by Securitas IMW Ltd, which is advised by Securitas Capital.
Leighton Beach project setback
REDEVELOPMENT plans for the old Westrail marshalling yards on Leighton Beach will have to be scaled back considerably, following the release of draft planning guidelines for the site.
Multiplex, the preferred tenderer to redevelop the site, floated a plan to develop 17 hectares of land.
The planning guidelines have reduced the area available for urban development to four hectares.
Beach setbacks have been increased from 40 metres to 125 metres in the northern section, 95 metres in the middle and 150 metres in the south.
The foreshore reserve has been increased from 14.05 hectares to 29.2 hectares.
Westrail hoped to get $35 million for the site.
