Deals

SPECIAL REPORT: Livestock exporter Wellard has had a rocky start to life as a listed company after completing Western Australia’s second-largest capital raising of 2015, and the state’s sixth-largest initial public offerings of all time. Wellard’s $299 million IPO was one of the few high points of 2015, when a lack of mining deals led a sharp slide in overall capital raising activity.

SPECIAL REPORT: Local firms Azure Capital and Hartleys punched above their weight in 2015 in what was a lucrative year for a handful of top corporate advisers in WA. Click through to see which corporate advisers, lawyers and brokers managed 470 M&A and capital raising deals.

Australian Reliance has become the third major insurance broker in Western Australia to change hands in the space of five months, with newly listed company PSC Insurance Group agreeing to buy the Perth-based group.

The battle for control of Aditya Birla Minerals has intensified, with bidder Metals X extending its $68 million takeover offer to late February while accusing the target of lacking transparency around expenses.

Metals X has waived a minimum acceptance condition on its $68 million takeover bid for Aditya Birla Minerals after lifting its holding in the copper miner to 18.24 per cent, less than previously di

Mining services contractor Sedgman has told its shareholders to take no action towards CIMIC Group’s $153.1 million offer for all the shares it doesn’t already own in the business.

Citation Resources’ 40 per cent-owned subsidiary Pearl Global has struck a heads of agreement with a Singaporean renewable energy company to fund the development of up to 50 tyre recycling plants across Asia.

Perth-based explorer Carbine Resources has signed an offtake agreement with a chemical and mineral supplier for copper sulphate from its $63 million Mount Morgan project.

Engineering and construction contractor Decmil Group has won another extension to its contract for work at QGC’s Queensland Curtis Liquefied Natural Gas project in Gladstone, worth about $35 million.

The team behind Western Australian success story Aurora Oil & Gas has quietly completed a $24 million private placement, the first capital raising for their new oil and gas play, three months after acquiring their first assets in Portugal.

Elemental Minerals has negotiated an extra $US10 million in a proposal from a private equity group for an investment to assist the business advance its flagship Kola Sylvinite potash project.

Perth-based explorer Lithium Australia has attracted its first institutional investor for a big slice of its $6.55 million capital raising.

Tony Sage’s Cape Lambert Resources has announced plans to undertake its first capital raising since its initial offer, which was completed when the company listed on the ASX 16 years ago.

US-focused biotech company pSivida has released pricing details of a $US16 million capital raising, after two weeks of volatile trading in its ASX-listed shares.

A Perth-based online gaming company that has raised $14.6 million from private investors is pursuing a stockmarket float after reporting spectacular growth in revenue.

Geraldton company Bhagwan Marine is set to expand its presence in northern Australia after striking an agreement to purchase a fleet of vessels for $25 million; a third of the price the previous owner paid just three years ago.

After plans for a backdoor listing fell through in 2014, former New Tel boss Peter Malone has signed up Patersons Securities as lead manager for a $4 million initial public offering for his sunscreen and cosmetics company Skin Elements.

Shipbuilder Austal has won a $US51.7 million ($A71.8 million) contract to provide upgrade services to the company’s biggest customer, the US Navy.

The competition watchdog is seeking market feedback after a fresh undertaking by Canada's Brookfield Infrastructure in its takeover battle for ports and rail operator Asciano, which includes the divestment of its bulk rail operations in Western Australia.

Shares in Structural Monitoring Systems recorded big gains today after the Claremont-based company announced breakthrough agreements with The Boeing Corporation and the Federal Aviation Administration in the United States.

Telco giant Telstra and national contracting companies Service Stream and BSA have been awarded contracts for the building and maintenance of the national broadband network (NBN).

Perth-based explorer IMX Resources has announced a restructuring of its Tanzanian assets, involving plans to spin-off its graphite portfolio into a new ASX-listed entity, while retaining its base and precious metals portfolio.

Cedar Woods Properties has purchased a 3.8 hectare infill site in Queensland for $24.6 million, while also announcing the extension of a $135 million loan.

Diversified contractor SRG has won a new contract plus an extension to an existing contract to provide its services to several of Evolution Mining’s gold mines, worth a combined $150 million.

Social networking company migme has announced the acquisition of two Indonesia-based companies, while finalising a $3.5 million convertible note issue.

Data and networks solutions business Amcom Telecommunications has won a $12.9 million contract to provide its services to SA Health over a three-year term.

Strathearn Insurance Brokers has become the second big player in the sector to change hands this year, after US-based Arthur J Gallagher acquired the Perth firm for an estimated $60 million.

Gold producer Troy Resources has raised $10 million from investors to fund ongoing work at its Karouni project in Guyana.

Singapore-listed contractor AusGroup has announced a number of contract wins and extensions worth a combined $100 million, including with Woodside Petroleum, which today flagged lower capex and increased production for the year.

Local companies Triton Minerals, General Mining Corporation and Orinoco Gold have announced plans to raise a combined $24.6 million to fund ongoing work at their respective projects.

The consumer watchdog has decided not to approve GPC Asia Pacific’s proposed $43 million acquisition of Automotive Holdings Group’s Covs Parts business on the grounds that it would substantially lessen competition.

Perth-based Tiger Resources has finalised terms of a $US162.5 million ($A225.5 million) finance facility with two investment groups to refinance its debt and fund expansion of its Kipoi copper project.