Win for Syntheo

The NBN Co has awarded construction contracts for South Australia and the Northern Territory worth up to $340 million to Syntheo - a joint venture between Lend Lease and Service Stream and the same company that will build its network in Western Australia. This was the last construction contract to be awarded and would cover 85,000 premises across the state and territory. So

far NBN Co has committed $828 million to construction contracts on mainland Australia with the potential extensions worth a further $1.5 billion.


Graincorp reassures

Graincorp said on Friday some of its grain marketing futures and options were previously brokered by the collapsed MF Global Australia. The net value of its cash and margin loans with MF Global Australia was $29.5 million, but Graincorp had been advised by administrators that its funds were fully accounted for through cash and net positions held by the ASX and other offshore counterparties, subject to successful recovery. Graincorp did not expect a materially adverse outcome from the administration of MF Global Australia or from the resetting of its grain hedging activities.


AGL warning

AGL Energy said NSW might suffer an electricity shortfall because of a moratorium on the use of hydraulic fracturing to extract natural gas from coal seams. "By 2016-17, where is NSW going to get its gas from?" AGL's managing director, Michael Fraser, said in an interview on ABC TV's Inside Business program yesterday. "If you wanted to go and sign a firm, long-term contract you actually couldn't do it."


Centro restructure

The Centro Properties Group chief executive, Robert Tsenin, said there would be chaos if a new structure was not approved for the group. Securityholders will vote on a proposed merger of Centro Properties Group with Centro Retail Trust at an extraordinary general meeting on November 22. Centro Property Group has $2.9 billion in debt that matures on December 15 and cannot repay it in the absence of a restructure.

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