Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Todd Corp acquires 19.9% stake in ASX-listed Wolf Minerals

Todd Corp acquires 19.9% stake in ASX-listed Wolf Minerals for A$10.6M

Dec. 24 (BusinessDesk) – Todd Corp, the investment company of New Zealand’s wealthiest family, has acquired a 19.9 percent stake in Wolf Minerals as part of a placement to help fund the ASX-listed company’s development of a Tungsten mine in southwest England.

TTI (NZ), a unit of Todd, subscribed for 39.4 million shares in Wolf at 27 cents apiece, a 12 percent premium to Wolf’s 30-day volume-weighted average price, the Perth-based company said in a statement to the ASX. It may acquire more shares in 2013.

In total Wolf raised A$20.3 million in a placement of 75.4 million shares including to existing major shareholders Resource Capital Fund V, a Denver-based private equity fund, and Traxys Projects, a specialist financier for resource projects.

Wolf, whose shares trade on both the ASX and London’s AIM market, is focused on developing the Hemerdon Tungsten and Tin Project in Devon, which it says is one the largest undeveloped tungsten and tin resources in the western world. Wolf holds an option over 100 percent of the project.

The placement is a key condition of a US$75 million bridge finance facility and US$7 million royalty from RCF, which has provided funding to allow the project to start. The royalty payment is an advance payment on 2 percent of gross revenue from the project which RCF has acquired.

Wolf needs to raise additional equity in 2013 of about 45 million pounds to repay the bridging finance and has been in talks with both RCF and Todd to take up about 25 million pounds of that.

Shares of Wolf last traded at 27.5 Australian cents on the ASX, valuing the company at A$31.4 million, and have climbed 25 percent in the past month. Because of the size of the capital raising, the plan requires approval of shareholders at a meeting in Perth on Jan. 24.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news