Wyllie buying up

Bill Wyllie’s Wyllie Group has backed capital raisings worth $9 million for oil producer Amadeus Energy and aspiring gold miner Crescent Gold.

Wyllie managing director Ian Hoad said the transactions were part of the private group’s diverse investment activities.

“We have a very diverse portfolio,” he said.

“We have always had an involvement with the stock-market and have an active share trading portfolio.”

Wyllie is already a major shareholder in Amadeus and its underwriting deal gives it a cheap way of boosting its stake.

It has agreed to underwrite 28.7 million November 2004 options with an exercise price of 25 cents per share, less than half the current market price.

Mr Hoad said the deal “brings the company certainty for the injection of funds before the end of this calendar year”.

The company will raise $7.2 million from the exercise of the underwritten options.

Amadeus has a further five million November 2004 options that are not underwritten.

In other news, Amadeus said its subsidiary Australian Renewable Fuels has completed funding for its first biodiesel plant (see page 38, For the Record).

In the Crescent Gold deal, Wyllie will subscribe for half of a $2 million convertible note issue, with the balance taken up by clients of broking firm DJ Carmichael and Crescent directors.

Crescent said Wyllie opted to take the position after reviewing progress on its bankable feasibility study for the Laverton gold project.

The trading in junior stocks such as Amadeus and Crescent is dwarfed by Wyllie’s two biggest recent equity investments.

It had been a major shareholder in Burswood but sold last year to Publishing & Broadcasting, which subsequently launched a successful takeover offer.

It currently holds about 7 per cent of listed construction group Multiplex.

The group’s major interests are in property and include the Perth Convention Exhibition Centre.