Valmec pays out notes

The directors’ interests table published in Monday morning’s email incorrectly showed that Valmec directors Vincent Goss and Stephen Zurhaar had sold $1.1 million of shares.

The company has confirmed that the change in directors’ interest notice lodged with the ASX arose from the repayment of convertible notes owed to these directors.

The 5.5 million notes, issued in 2013, were repaid at face value by the company upon maturity.

Managing director Steve Dropulich held an interest in 1 million notes, which were also repaid.

The funding for the repayment came from a recent issue of $2.7 million of convertible redeemable preference shares.

The issue of preference shares was managed by Patersons Securities, which was paid a 6.5 per cent fee or $175,000.

The energy and infrastructure services group anticipates revenue in the current half-year will be between $30 million and $33 million, with growth of about 25 per cent in the second half.