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Business

The latest business news on EML, Austin Engineering, Anteotech, Dominos, Suncorp, PPK, ASIC, PE Capital, Nick Mather, NewPeak, AustralianSuper, Terracom, APC, New Hope, Terracom, Qmines.

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Monday

Trouble for EML

EML Payments has halted trade in its shares pending an announcement which is expected to relate to regulatory issues in Ireland where it recently bought a prepaid financial services business for $236 million.

The Central Bank of Ireland notified the market that it had significant regulatory concerns relevant to PFS.

An announcement from EML is expected on Wednesday.

 

Austin quits Brisbane

Austin Engineering will relocate its headquarters from Brisbane to Perth.

It said the move recognised the significance of the Western Australian and Asian operations, which were the largest contributor to the company’s profit.

In conjunction with this decision, current managing director Peter Forsyth will retire at the end of July.

Austin said the move would not affect the company’s workforce in Brisbane.

Adler leaves Domino’s

Ross Adler will retire from the board of Domino’s at the next annual general meeting after 16 years as a director, which included a nine-year term as chairman.

He will be replaced by Tony Peake, a former PwC executive.

The decision by Adler comes at a time when the company’s share price is at record levels and chairman Jack Cowin said under Adler’s time at the head of the board Domino’s made its first acquisitions in Europe and Japan.

AnteoTech strikes a deal

AnteoTech has finalised a deal for the manufacture of its COVID-19 test kit, EuGeni, with Spain-based Operon.

A two companies have agreed to an exclusivity period of three years. Operon has a capacity to manufacture 8 million test kits which Anteotech said was sufficient to meet initial demand.

AnteoTech shares were up 13 per cent to 34 cents before lunch.

 

Suncorp makes a new executive role

Suncorp has appointed Fiona Thompson as its group executive for people, culture and advocacy, a new role that the company said recognised the importance of the portfolio. It will bring together the human resources functions with corporate affairs, customer advocate and regulatory affairs.

Thompson is currently the chief risk officer.

AMA gets two directors

The troubled smash repair company AMA Group has appointed Paul Ruiz and Kyle Loades as independent, non-executive directors.

It follows a fight with its former chief executive Andrew Hopkins which is now heading to the Federal Court.

AMA said Ruiz had a 30-year career with KPMG. He was also a director of Dai-ichi Life Australia, the Fred Hollows Foundation and its controlled entity Alina Vision.

Loades was chair of NRMA and is on the board at Credit Union Australia and the Hunter Medical Research Institute.

 

Friday

PPK at record prices

Commercialisation company PPK is heading towards $10 a share, a rise of 220 per cent in a year.

The surge in price follows the announcement more than a week ago that its partner Deakin University had successfully produced significant amounts of boron nitrate nanotubes, a commodity that could be used as an insulator in rechargeable batteries, computers, space equipment and other technology.

The company now has a market value of $830 million and was trading today at $9.96.

 

NewPeak gets results from Argentina

Nick Mather’s NewPeak Metals said 80 per cent of its drilling at its Cachi gold project in Argentina showed anomolous gold.

Many also showed elevated silver and base metal mineralisation.

The company said it was confident in the potential of Cachi and would move to the next phase of its earn-in arrangement. It has also committed to further drilling.

AustralianSuper holds on to Coronado

Australia’s biggest superannuation fund has a 9 per cent stake in Coronado Coal.

The super fund recently said some boards were not doing enough to tackle climate change.

Coronado owns the Curragh coal mine in Queensland, which produces coking coal for use in steel production.  It produces a small amount of thermal coal, used in electricity generation, from its US operations.

ASIC takes action against PE Capital

ASIC has commenced proceedings in the Federal Court in Brisbane against PE Capital Funds Management Ltd alleging misconduct in relation to the operation of managed investment schemes.

Following an investigation, ASIC alleged that PE Capital Funds Management operated several unregistered managed investment schemes.

It was also alleged PE Capital issued interests in the unregistered schemes without an Australian Financial Services Licence (AFSL) or under a valid authorisation from an AFSL holder and that it held itself out as being a corporate authorised representative with the authority to issue information memoranda for, and units in, two unregistered schemes and various PE Capital special purpose vehicle trusts when it did not have such authority.

It also alleged the company engaged in misleading and deceptive conduct by making statements in Product Disclosure Statements (PDSs) for registered schemes regarding investment strategy and asset security.

ASIC is seeking orders from the Federal Court to wind-up PE Capital Funds Management and its registered and unregistered schemes and obtain declarations that PE Capital Funds Management has acted in contravention of the Corporations Act and/or the ASIC Act.ASIC’s investigation is continuing.

Offer for Whitehaven assets

Austalian Pacific Coal has been offered $33 for land and $10 million for water rights associated with its Whitehaven coal projevct in NSW.

The offer was made by its major shareholder and creditor, Trepang Services. If the deal went through it would cancel the debt APC owes to Trepang.

It said the board was reviewing the offer but it would also need shareholder approval.

Thursday

New Hope gets regulator approval

The Australian Competition and Consumer Commission has granted approval for Bridgeport, Vintage Energy and Metgasgo to enter into joint gas marketing arrangements.

Bridgeport is a New Hope subsidiary and the three companies are venture partners in the Vali gas field which is in the early stages of development in the Cooper Basin.

The ACCC authorisation will allow the three to jointly market the gas for five years and to enter into gas supply deals on common terms and conditions for up to 15 years.

“The ACCC considers that joint marketing is likely to result in public benefits by enabling earlier development of the Vali field to bring this new gas supply to the market sooner,” ACCC chair rod Sims said

Tuesday

QMines heads to Europe

Newly installed on the ASX, copper gold explorer QMines has started trading on the Frankfurt exchange after it received strong support from European funds and other investors at its initial public offering.

Executive chairman Andrew Sparke said it was a strategic move based on the fact that European investors were making significant investments in the green energy sector.

“The appetite for opportunities in battery metal and alternative energy companies in the northern hemisphere is very robust and access to the large European investment network is the first step in putting QMines to the global stage,” he said.

 

Anglo returns to Moranbah North

Anglo has made its first steps to resuming mining operations at Moranbah North following approval from Resources Safety and Health Queensland.

Operations at Moranbah North Mine were suspended on February 20 following the identification of a coal heating issue. It is expected that operations will restart during May.

Anglo American’s Metallurgical chief executive Tyler Mitchelson said the Moranbah North re-entry team had safely entered the mine to undertake safety and compliance inspections, and restore operating systems.

“Re-entry had been delayed due to the accumulation of water in a roadway, which needed to be lowered to restore ventilation underground. This has now been addressed and our team can continue taking steps to get Moranbah North back up and running,” he said.

“Our processes worked to safely remove people when an issue was detected in February, and since then, we have worked to review our risk assessments and safety systems and invested in additional monitoring bore holes and other measures.

“We are continuing to engage with our workforce and their representatives throughout the re-entry process and a comprehensive risk assessment for re-entry was completed with a cross-section of the workforce.”

Alligator teams up

Alligator Energy has struck a deal with US based Traxys to provide uranium marketing services for future production, project development financing and assist in potential acquisitions.

It would act as Alligator’s exclusive agent for the marketing of produced uranium.

Alligator is exploring for uranium at its Tin Camp Creek and Beatrice tenements and is awaiting the granting of exploration licences in the Alligator River province.

 

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