Get InQueensland in your inbox Subscribe

Queensland business briefs: Your daily Sunshine State update


The latest business news on Fiji Kava, BCB, Inca, G8, intelliHR, QIC, AnteoTech, Pure Hydrogen, EMV, EML, PPK, Li-S, Qmines, Super Retail, Collins Food, intelliHR, ResApp, Sayona, ReNu, Mitchell, Comet Ridge, Senex, AMAG and Greenwing

Print article

Fiji Kava stitches up supply chain

Fiji Kava has signed a memorandum of understanding with the iTaukei Fund Board in Fiji to develop supply chain reslationships.

The MOU means Fiji Kava and the board would provide support to Fijian farmers with training and access to Noble Kava plantlet varieties and help move the farmers into large scale operations.


Bowen loses director

Bowen Coking Coal director Blair Sergeant has quit after three eyars citing plans to “pursue personal interests and other business opportunities”.

Managing director Gerhard Redelinghuys said Sergeant had played an important role in the company’s transition from explorer to near-term producer.

Strong results at Macauley project,

Inca Minerals said it had received “outstanding” high grade copper and silver assay results from its rock-chip program at the Macauley project in north Queensland.

It said peak values included 7.04 per cent copper and 2250 grams per tonne of silver, which isa said was considered a bonanza grade.

“The widespread occurrences of copper, copper-silver and copper-silver-gold mineralisation at Macauley Creek arrirms the medal endowment of this project and enhances its tier-one credentials accordingly,” Inca said.

G8 snaps up Leor

Sept 20: Education group G8 has struck a deal with buy “a small but rapidly growing” provider of in-home childcare and NDIS services, Leor.

The upfront cost was $2 million but that could stretch to $9.5 million if earnings targets over three years were achieved, G8 said.

G8 said the market where Leor was working was underserved and the acquisition would deepend and extend G8’s role.

Leor founder and managing director Andrea Christie-David would continue to lead the unit.

intelliHR gets its cash

Brisbane tech company intelliHR has raised $11.5 million in a placement at 23 cents a share.

It said there was very strong interest.

An additional $1.5 million was placed by joint lead managers under a managed sell down.

Funds will be used to help the company’s global expansion and building its enterprise customer platform capabilities.

QIC brings in Stockdale

Sept 16: QIC’s Private Infrastructure Debt team has expanded its current Sydney and New York footprint into London with the appointment of a Head of Infrastructure Debt, Europe, Nicholas Stockdale.

He will join QIC Private Debt on November 1 reporting into QIC Head of Infrastructure Debt Evan Nahnsen who is based in QIC’s New York office. 

Stockdale was with Whitehelm Capital where he was deputy head of infrastructure debt investments

ADO signs another distribution deal

Anteotech has signed a distribution deal for EuGeni Reader in Greece and Cyprus.

The deal is with Ramma Dental SA, which distributes a wide range of medical devices.

The EuGeni device is a rapid COVID-19 test kit.

Anteotech now has agreements in 12 countries for the EuGeni Reader and it said there were several more agreements pending.

Hydrogen deals likely

Sept 16: Pure Hydrogen said it expected to soon announce offtake agreements and supply arrangements to power trucks and buses.

It came as the company announced plans to start stimulating the Venus gas well in central Queensland after confirming high gas saturations of the Walloon coal seams.

“Pure Hydrogen is in discussions with a range of large industrial users for back-to-base operations that are considering hydrogen trucks,” it said.

“In addition, Pure Hydrogen is now assessing the possibility of converting Venus 1’s gas to a hydrogen source.”

It has appointed Andrew Thompson as production manager.


Stroke deal for EMV

Sept 16: EMVision has struck a five year deal with the Australian Stroke Alliance for the stage two Medical Research Future Fund’s golden hour program.

The alliance has been awarded $40m and the five year program is expected to create the foundations for the treatment of strokes.

EMVision will receive $8 million in cash funding to support development and clinical validation of its portable brain scanner.

New owners for Joe’s Waterhole

Sept 15: The WA-based Good Drinks has struck a $5.3 million deal to by Joe’s Waterhole, a hotel in Eumundi on the Sunshine Coast.

It said it would develop the hotel into a hospitality venue and brewery for the Matso brand.

It is targeting an additional 2 milllion litres a year of the Matso brand in Queensland.

The redevelopment will include a facelift for the hotel as well as a brewery installation. The front bar will remain.

Good Drinks has previously started the Atomic Beer Project in Redfern, Sydney where retail sales of the Atomic brand have increased by 111 per cent.

EML appoints Shand

EML Payments has appointed Emma Shand to the board as an independent non-executive director.

Shand has 25 years of experience in technology, capital markets and financial services. She has worked for Nasdaq and with cyber security company XM Cyber.

Cellnet gets Optus confirmation

Cellnet said it had received written confirmation from Optus that the telco would not be renewing its master supply agreement.

The contract had been worth 8 per cent of Cellnet’s sales in 2021, but it said it had since identified a range of measures to streamline its operations which would mean the revised impact on net profit would be about $720,000.

 PPK reveals Li-S issues

Sept 14: PPK said it had received conditional approval for the ASX listing of its battery spin-off Li-S Energy.

It was previously expected Li-S would list in late August and PPK revealed the hold up had been because of the was escrow deeds for particular classes of existing securities.

“This is a common step in connection with a new listing by ASX and requires those securities to be placed in escrow for an escrow period of either 12 or 24 months,” PPK said.

“While in escrow, those securities are not quoted by ASX and cannot be disposed of by the holder.

“The predominant classes of relevant holders are directors, related parties and pre-IPO investors.”

QMines loses Lanskey

Sept 14: Copper-gold company QMines has announced its managing director Daniel Lanskey will leave the company after only a year in the job.

The company said he was leaving to pursue other interests. It said Lanskey would remain as an important shareholder.

At the same time it has appointed geologist Peter Caristo to its board as a step towards increasing its inhouse technical capability.


Macpac leadership change

Sept 14: Super Retail said its Macpac chief executive Alex Brandon will move on from the job after a decade in the role and be replaced by Cathy Seaholme.

Seaholme is the current general manager of retail operations at Priceline Pharmacy. She will start in October and will relocate to the New Zealand head office of Macpac.

Collins refinances debt

Sept 14: Collins Food Group had stitched up a deal to refinance $265 million and E80 million in debt under a syndicated facility agreement comprising of $200 million and E120 million in revolving facilities.

It said the debt was a blend of three-year and five-year terms in which $120 million and E75 million would mature in October 2024 and the remainder in 2026.

Chief executive Drew O’Malley said the new debt structure would support ongiong operations to deliver long-term growth.

ResApp gets rebate

Sept 14: ResApp has received approval from AusIndustry for its application for an Advanced Overseas Finding related to costs associated with its COVID-19 clinical studies.

The Brisbane-based ResApp is developing smartphone applications for diagnosis and management of respiratory disease.

The AusIndustry finding means that eligible costs will be subject to a 43.5 per cent rebate and ResApp estimates that would total $820,000.

intelliHR gets tax boost

Sept 14: Tech company intelliHR has also received AusIndustry approval of its $810,000 research and development incentive registration for 2021.

It said that due to increased investment in its artificial intelligence analytical capabilities the incentive to be received was a 29 per cent increase on 2020.

Sayona talk up resource boost

Sept 13: Lithium hopeful Sayona Mining has said there was potential for a significant resource expansion at its new acquired North American Lithium mine in Quebec.

It said drilling done in 2019 was being integrated with previous results and there was a potential to fast-track an increased resource estimate.

It said drilling results from 42 holes were being validated and results were likely before the end of the year.

Comet Ridge gets Mahalo funds

Sept 10: Comet Ridge said it had raised $5 million to bolster its working capital ahead of an appraisal program initially at its Mahalo North project.

The funds were raised through an issue of 64 million shares at 0.0825 cents a share.

Managing Director Tor McCaul said there was strong demand from institutions.

He said the company felt it has reached an inflection point where we can now fast-track the final appraisal. This would lead to the development of Mahalo with its joint venture partners and also optimise value across the acreage by including Mahalo North and East blocks in the development.


ReNu invests in carbon tracer

Sept 10: ReNu Energy will buy 500,000 shares in Enosi, a company that has developed a way for corporations and consumer to trace their renewable energy mix and can also enable retailers to sell clean energy at prices specific to the source of energy.

Enosi has signed with five electricity retailers in Australia to integrate the technology on to their metering and billing systems.

ReNu will hold a 6.1 per cent stake in Enosi.  The value of the deal was not revealed.

AMA reveals $150m capital raising

Sept 10: Smash repair group AMA has launched a bid to raise $150 million through a 1:2.8 pro rata non-renounceable entitlement offer to raise $100 million. A further $50 million will be raised through a fully underwritten senior unsecured convertible notes due in 2027.

The company said the deal would reduce AMA’s debt, restructure its funding mix and debt, enhance liquidity and provide a platform for growth.

Chief executive Carl Bizon said the capital raising would provide funding and flexibility as the company faces COVID-19 headwinds.

Superior drill plans boosted

Sept 10: Superior Resources said it had received strong investor backing for its drilling program after receiving commitments for $1.2 million through an oversubscribed placement.

The proceeds will be used to fund drilling at the Steam Engine gold project, progress its feasibility study, add to working capital and pay placement costs.

Mitchell scales back offer

Sept 9: Mitchell Services has had to scale back share allocations in its one for eight entitlement offer after a strong response from investors.

The retail offer closed in Monday and raised $5.9 million at 42 cents a share. The remainder of the $10.5 million raised came from institutions.

The retail take-up rate was 67 per cent and investors applied for an extra $2.6 million above the entitlement and will be scaled back to the minimum.

An $800,000 shortfall will be taken up by underwriters.

Comet Ridge after more

Sept 9: Shares in Comet Ridge have gone into a trading halt as the company prepares for a capital raising.

It follows a recent deal in which the company struck a deal with Pure Asset Management for a $10 million loan.

It also bought a 30 per cent stake in the Mahalo gas project for $20 million.

Senex strikes gas deal

Sept 9: Senex and New Century Resources has struck a deal for the supply of 7 petajoules of gas over three years for the Century mine, north west of Mount Isa.

Gas will be supplied at the Diamantina Power Station in Mount Isa which will then generate the electricity needed for the mine.

It was the 10th major gas supply deal Senex has struck since 2019.

New marketing boss for AMAG

Sept 9: Brisbane tech start-up Advanced Mobility Analytics Group has appointed Darren Needham-Walker as its chief marketing officer.

Chief executive and founder Simon Washington said the appointment was needed as the company moved to the next stage of its development.

Needham-Walker had more than 20 years of global technology sector experience. 

“From my first engagement with AMAG and subsequent discussions with all three founders, I found they were bonded by a common vision, but most appealing to me was how it was based on a clear and unwavering purpose, to do good for humanity through the application of AI/MI to the transportation sector.’ Needham-Walker said.

He has been in leadership roles with ANZ, HP in the USA, Lenovo and IBM and most recently with TechnologyOne.

Greenwing gets cash

Sept 8: Greenwing Resources has completed its first tranche of a $6.15 million equity raising. It secured $4.63 million from professional and sophisticated investors and received commitments for another $1.52 million for a conditional placement which will need shareholder approval.

Shares were prices at 24 cents each.

Funds will be used to explore the San Jorge lithium project in Argentina and other sites.



More Business stories

Loading next article