CBD
Having languished in suspension since 2011, seen off some directors and ended a stoush with corporate bulldog the Australian Securities and Investments Commission, Kazakhstan Potash Corporation, nee Fortis Mining, seems to be on the road back to recovery.
Now in full control, managing director Madame Cheung is armed with backers from China, with deep pockets, being the Sino-Agri Mining Investment Group, a subsidiary of the China National Agricultural Means of Production Group Corporation. To get KPC back on deck, Madame Cheung has sent out a notice of general meeting to garner shareholder approval to complete the acquisition of some big potash projects in Kazakhstan, principally known as the Satimola potash and borate project. In order to fund the Satimola purchase and gain a lifting of the suspension by the ASX, approval is sought for a $150 million convertible note agreement to Sino-Agri and also to issue 50 million shares, at no less than $1.
The meeting is set for October 25 in Melbourne.
Twiggy cash grab
Fortescue founder Andrew "Twiggy" Forrest is shoring up his investment in biotech minion Allied Healthcare Group with the underwriting of half of a one-for-five issue. Twiggy is acting through his privately held Metals Group, which has a voting stake of 16.9 per cent. The shares are being issued at 5¢, a good discount to the current 7.3¢, but also above the average price of about 4.8¢ that Twiggy appears to have paid when he made a stealth move on the register in July.
Last month, a share price run to 7.6¢ culminated in the ASX issuing a speeding ticket to the Perth integrated healthcare and services manufacturer, taking Twiggy's interest to about $14 million. At the time, it revealed its main product - cardiovascular patch CardioCel, which recently passed European safety rules.
This latest cash grab is to help fund the herpes simplex virus program and accelerate the next phase of vaccine developments. Sounds worse than any mining tax.
Elusive Thodey
Buckets and bouquets for elusive Telstra boss David Thodey, who batted off two hours of questioning at the telco's retail shareholders meeting in Melbourne. There were the usual ingredients: sleepy septuagenarians, and complaints about the small font in its directories, call-centre outsourcing to the Philippines, and poor regional mobile coverage.
Questions on how much it cost shareholders to change the colour of Telstra's logo went unanswered, sadly. But the biggest laugh was from a chap in a wide-brimmed hat who instructed Thodey to inform the 100,000-plus people heading to the 'G this weekend that, no, their text messages won't get delivered. Not in time for a Fremantle victory anyway.
Shares sold for tax
Insurance Australia Group chief executive Michael Wilkins has offloaded $4.3 million worth of the company's shares to meet a tax bill created by incentives vesting. Wilkins sold the 750,000-odd shares on market last Thursday, according to stock exchange filings.
Wilkins is still in the money, with a 33 per cent surge in IAG's share price to $5.85 in the past year.
Even after the sale, Wilkins holds $4.9 million IAG shares directly and $3.5 million in shares indirectly.
Kicking in
Mud flew and a lot stuck at last Friday's CBRE Corporate Rugby Sevens tournament, to raise money for the Spinal Cord Injury Network. It was the second year the tournament has been held in Australia, on a day that started sunny and ended wet and muddy. Fittingly, the sponsors won over Investa, 24 to 18 with CBRE's team captain and retail giant Leif Olson scoring the winning try.
More than $800 was raised from the raffle, while donations and gate takings bumped the overall total above last year's $1500.
'Parma' Challenge
The operator of Rochester Castle Hotel, Fitzroy, is keen to make clear that its bar started and continues to do the Clive "Parma" Challenge ...
Frequently Asked Questions about this Article…
KPC (formerly Fortis Mining) is seeking shareholder approval to complete the purchase of the Satimola potash and borate project in Kazakhstan. To fund the acquisition and persuade the ASX to lift its suspension, management has proposed a $150 million convertible note agreement with Sino‑Agri and the issue of 50 million new shares at no less than $1 each. Everyday investors should note these proposals could materially affect KPC’s capital structure, ownership and prospects if approved.
KPC has issued a notice of a general meeting set for October 25 in Melbourne. Shareholders at that meeting will be asked to approve the $150 million convertible note to Sino‑Agri and the issuance of 50 million shares related to the Satimola purchase and the planned reactivation of the company.
KPC’s managing director Madame Cheung now has backing from Chinese investors — principally the Sino‑Agri Mining Investment Group, a subsidiary of the China National Agricultural Means of Production Group Corporation. That group is the proposed counterparty for the $150 million convertible note and is central to KPC’s plan to acquire the Satimola project and lift the ASX suspension.
Allied Healthcare is conducting a one‑for‑five share issue priced at 5¢ per share. Andrew 'Twiggy' Forrest’s privately held Metals Group, which holds a 16.9% voting stake, has underwritten half of the issue. The capital raising is intended to help fund the company’s herpes simplex virus program and accelerate vaccine development.
Allied’s share price ran to about 7.6¢ recently, prompting ASX scrutiny and raising Twiggy Forrest’s exposure to roughly $14 million. The company also highlighted that its main product, the cardiovascular patch CardioCel, has recently passed European safety rules — news that can influence investor sentiment alongside the current capital raising for its vaccine programs.
Michael Wilkins sold about 750,000 IAG shares on market, raising roughly $4.3 million, to meet a tax bill arising from incentives that had vested. Despite the sale, he still holds about $4.9 million of IAG shares directly and about $3.5 million indirectly. IAG’s share price has risen around 33% over the past year to $5.85, according to the article.
Telstra CEO David Thodey faced around two hours of questions at the retail shareholders meeting. Shareholders raised common telecom concerns such as small font sizes in directories, call‑centre outsourcing to the Philippines, and poor regional mobile coverage. Some lighter moments included unanswered questions about the cost of changing Telstra’s logo colour and an anecdote about text messages not being delivered in time for an event.
The CBRE Corporate Rugby Sevens tournament — held for the second year in Australia — raised funds for the Spinal Cord Injury Network. The sponsors’ team beat Investa 24–18 in the final. More than $800 was raised from the raffle, and donations and gate takings pushed the overall total above last year’s $1,500 figure.
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