Queensland business briefs: Your daily Sunshine State update ARCHIVE
Collection House has told investors it needs another four weeks to finalise its negotiations with senior lenders and to deliver its accounts.
Stanmore has struck a deal over the Wards Well coal tenement (file photo)
In a statement to the ASX, the Brisbane-based debt collector said it was in advanced discussions with a small number of potential investors over the refinancing its senior debt facility.
The company’s existing lenders had agreed to an extension of a standstill agreement until October 30 to allow for the negotiations to be finalised.
It also expects that it would be able to produce its June 30 accounts by October 30.
Collection House shares remain suspended from trade.
Reid’s Dome moves to second stage
State Gas said it was now actively planning stage two of its exploration and appraisal of the Reid’s Dome project.
It expected to start its second phase drilling at the site by mid-November. The drilling will be done to obtain additional data to secure a significant certified reserves booking and enable field development planning and infrastructure design for early commercialisation of the Nyanda area.
Bowen takes control of project
Bowen Coking Coal has completed the deal for ownership of the Broadmeadow East project which has an estimated 33 million tonnes of resource.
Managing director Gerhard Redelinghuys said the project sits on a granted mining lease and will be the company’s most advanced open pit project.
“We have already commenced the necessary planning regulator submissions to determine the optimal mine plan and associated environmental authorisations with a view to being shovel-ready as soon as practically possible.”
The company has three open pit projects moving towards production.
Jumbo signs deal with WA
Jumbo Interactive subsidiary TMS Global Services has signed a binding term sheet with Lotterywest, the operator of Western Australia’s lottery to negotiate and enter a detailed agreement to provide software and services for up to 10 years.
This will allow Jumbo’s current online players in Western Australia to continue to play on the platform.
Jumbo will receive a service fee for every customer transaction through the platform as well as for the provision of software, its operation, technical and customer support and development services.
The initial term will be for three years with the option for extensions up to 10 years
CTM gets the first $262 million
Corporate Travel Management raised $262 million from institutional investors in its entitlement offer overnight.
The company said there was a 90 per cent take up of the offer with proceeds to be added to a retail offering and used to fund the purchase of Travel & Transport.
CTM’s found Jamie Pherous has opted out of the raising because of a lack of funds. The shortfall arising from the decision was allocated to cornerstone investors and the remaining shortfall not taken up by institutions was taken up by investors who had bid above the entitlement.
Shares in CTM jumped 10 per cent when the company resumed trading on the ASX.
ASIC bans broker
ASIC has banned former BGC Securities broker David Moore, of Pullenvale, from providing financial services for 10 years.
Mr Moore was an executive manager at BGC, trading as BGC Fixed Income Solutions (formerly MINT Partners Australia), from approximately June 2016 to February 2020.
ASIC found that Mr Moore breached a contractual agreement between BGC and a referring broker by: charging unpermitted spreads on transactions entered on behalf of a number of accounts of clients referred to BGC by the referring broker; and trading at prices other than the agreed independent valuation on transactions entered on behalf of a number of accounts.
ASIC also found that Mr Moore engaged in conduct in relation to his transactions in corporate bonds on behalf of his clients’ accounts that was misleading or deceptive, or likely to mislead or deceive, and that he attempted to take steps to conceal this conduct. Further, Mr Moore caused BGC’s records to be altered improperly, causing investment statements to contain false information that deceived clients and the referring broker as to whether Mr Moore had adhered to the contractual agreement.
Comet converts acreage
Comet Ridge has moved quickly to have new gas acreage converted to Authority to Prospect status.
The company was awarded preferred tenderer status last week for the land which will be known as Mahalo East and is considered an immediate extension of its Mahalo gas project.
The term of the ATP is six years and the company expected to start an appraisal by the first quarter of next year.
Managing director Tor McCaul said the company would focus on bringing the Mahalo gas hub into development, subject to funding.
BoQ director retires
Michelle Tredenick has retired from the Bank of Queensland board after almost 10 years.
She will finish with the company at its annual general meeting in December.
Chairman Patrick Allaway said Tredenick had made a significant contribution to the company, particularly in her role as the chair of the information technology committee.
A replacement has yet to be announced.
Pale, male and stale
Pale, male and stale is a saying that still holds water when it comes to Australian boards, according to new research from the University of South Australia.
Assessing the influence of gender diversity on Australian boards, researchers found that a persistent boys’ club mentality is impairing decision-making at the top, particularly in relation to corporate social responsibility initiatives.
Lead researcher, Dr Kathy Rao said many Australian boards suffered from a lack of gender diversity and a male pack mentality causes biased and unbalanced decisions.
“Women bring a unique set of values, perspectives and capabilities to top-level decision-making which can help boards address CSR issues in a more effective manner,” Dr Rao said.
Griffith strikes solar deal with CS Energy
Griffith University has entered into an agreement with CS Energy which will ensure 50 percent of its electricity needs are provided by renewable power sources from next year.
Across all campuses, Griffith uses about 60 million kilowatt hours annually, contributing to around 70 per cent of the University’s total carbon footprint.
Chief Operating Officer Peter Bryant said sustainability was a key focus for the University.
“Griffith’s commitment to environmental sustainability is an important aspect of the University’s culture and values and one of the key actions in our strategic plan is the development and implementation of plans to halve the level of our 2010 carbon emissions by 2030,” he said.
“This landmark deal to purchase clean and affordable green energy ensures we are well on track to achieve this, in alignment with the recommendations of the Intergovernmental Panel on Climate Change.”
The deal took some time to come to fruition, with Griffith and two other Queensland universities joining forces to cost-effectively buy a reasonable percentage of renewable energy in a market where wholesale green power has proven cost prohibitive until now.
The renewable power will be provided by the Columboola Solar Farm, which is being built between Chinchilla and Miles in the Western Downs region of Queensland.
Fire sale for aviation industry
The COVID-19 devastated aviation industry is selling off surplus aircraft, with bargain prices expected for helicopters, planes, parts and accessories that are going under the hammer.
“There are some extremely high-quality aircraft going up for auction this weekend featuring arguably one of the best Jetrangers on the market in Australia today,” Lee Hames from Lloyds Auctions said on Tuesday.
“The opportunity presents itself for many people who might be looking for a bargain at some high-quality aircraft, with people taking the chance during this down time to adapt and plan their business model preparing for when things return back to normal.”
With runways virtually empty, amateur pilots or learner pilots have the perfect opportunity to log their required hours at major airports around the country.
The auction features a 1978 Bell Jetranger helicopter with just more than 8000 hours and no expense spared.
Online bidding is at lloydsauctions.com.au and closes at 10am AEST on Saturday.