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Repcol bound for an ASX listing

PERTH debt collection business Repcol Limited looks set to hit the board on May 21, after closing its $14 million initial public offer oversubscribed earlier this week.

The company will have around 1,000 shareholders when it lists, with about 35 per cent of the 28 million 50 cent shares on offer being taken by institutions and the IPO’s joint lead managers and underwriters, Hartleys and Paterson Ord Minnett.

Repcol will have a market capitalisation of about $51.5 million when it lists on the ASX. It forecasts revenue to jump from $5.8 million in 2001 to $20.5 million in the 2002 calendar year on the back of a earnings from a $230 million debt ledger book it purchased.

HiTec regigs Electrofuel project

HiTec Energy has released in its quarterly report a new financial model for the planned Electrofuel Project for the State’s north west, which will supply to the battery market.

It follows a review of its demonstration plant at UWA. HiTec says the savings are substantial, resulting in a near doubling of the project net present value. The new model, based on initial production capacity of 25 kilotonnes per annum, will have a capital cost of $136 million compared with the previous $224 million capital cost based on production of 40 kilotonnes a year.

The re-worked model gives the project a net present value of the project of $195 million, up from $101 million previously, based on a 12.5 per cent discount rate, while the internal rate of return increases from 25 per cent to 29 per cent.

Hancock’s baby yet to prove

EXPLORATION company Cooper Energy NL reached its first milestone last week, issuing its first quarterly report to the ASX. The company, promoted by Perth business broker Greg Hancock, has had a less-than-flattering start since it listed on March 8.

After raising $10 million through the issue of 50 million 20-cent shares, $2.5 million above its minimum subscription, the company has failed to draw attention from investors. Since listing its shares have only once reached the 20-cent issue price, have sunk as low as 12 cents in early April and have since recovered earlier this week to 15 cents.

The downgrade of the price has put a market valuation of $7.98 million on the company.

According to the quarterly report, the company has yet to eat into its new funds, however it has earmarked $2.4 million to be spent on exploration work at Cooper Basin tenements that it has piggy-backed.

Hamill speculative investor choice:

DJ Carmichael

Hamill Resources has agreed to a private share placement of 4.9 million shares at 35 cents to Canadian mining investor, Frank Timis, who will hold 14.7 per cent of the company.

The $1.7 million raised will be used to move forward the companies exploration work at the Mt Ida Project, a joint venture with Falconbridge (Australia) Pty Ltd on part of the Sophie Downs Project area, near Halls Creek.

Falconbridge must complete 3,000 metres of diamond drilling to earn a 70 per cent interest in the project.

Stockbroking firm DJ Carmichael believes the company may be a good speculative buy.

“We believe Hamill’s Sophie Downs project in the Kimberley provides hidden potential in the short to medium term, if nickel sulphides are discovered in the region,” DJ Carmichael says in its Weekly Brief.

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