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

 

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news