RMA looks to mine with $4.2m IPO

PERTH-BASED RMA Energy Ltd, previously Ansett Energy Ltd, has re-badged and re-invented itself as a resources company with a $4.2 million initial public offer. The company, formerly based in South Townsville, wants to fund the purchase of six Queensland tin, coal and uranium tenements. RMA will be chaired by private prospector Terence John Byrt, who is also a director of Ansett Resources and Industries Pty Ltd and Ansett Regional Airlines Pty Ltd. The three companies, along with Mr Byrt and associate Robert William Kirby, are currently facing legal action brought by the administrators of failed national airline Ansett Australia Ltd, alleging breaches of the Trade Marks and Trade Practices Acts. RMA said in its prospectus that most of the allegations were directed at other respondents to the airline’s claim. “The principal allegation against the company is in respect to the use of the word ‘Ansett’ in its name,” the company said. RMA changed its name on April 13 this year, and Mr Byrt has agreed to indemnify the company for all legal costs and other costs and damages it may incur under the proceedings. Two of the six tenements the company aims to acquire are owned by Ansett Resources, which will sell them for 10.5 million shares and $119,000. The remaining four are owned by Messrs Byrt and Kirby, along with Judy-Anne Galway, to be sold for $281,000 (payable to Ansett Resources) and 25 million shares, to be distributed to Ansett Resources, Kylie Jane Gavin and Joanne Maree Milicevic. Mr Byrt will hold a 51.5 per cent stake in RMA once the company is floated on the ASX. Joining Mr Byrt on the board will be executive directors Clive Triplett and Wilson Starr, with Sino Gas & Energy Ltd chairman Geoff Clifford and former Aztec Resources managing director Peter Bilbe serving in a non-executive capacity.

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