Australia’s fifth richest man has been hospitalised after suffering chest pains while watching a Gold Coast United soccer game.
Billionaire Clive Palmer was rushed to a nearby hospital by paramedics after he reportedly collapsed, but a Gold Coast United spokesman said the problems are not life-threatening.
“During our chat at the hospital Clive said he was well and it was just a case of heartburn. He was more concerned with the performance of Gold Coast United, saying he was very proud of the way the team performed today.”
Palmer owns the Gold Coast team, which won last night’s match with Queensland Road 1-0.
BBI equity raising given approval by expert
Babcock & Brown Infrastructure has said an independent expert has reported its $1.5 billion equity raising to be fair and reasonable, and its $625 million placement to institution shareholders fully subscribed.
Grant Samuel & Associates said in its report the $1.8 billion recapitalisation plan is “fair and reasonable”, and that it is well supported by international and domestic investors.
The plan, which was announced last week, will include a $625 million placement to institutions, to help pay down $9 billion in debt.
In a statement to the ASX, BBI said the placement remains conditional on approval by security holders and EPS holders. The Canadian Brookfield group is the cornerstone investor behind the recapitalisation, having agreed to purchase $295 million in BBI assets.
According to new figures from the Australian Bureau of Statistics, the total value of owner occupied housing commitments excluding alterations and additions fell a seasonally adjusted 1.7%.
Personal finance commitments increased by 4.1%, with revolving credit commitments up 4.5% and fixed lending commitments up 3.6%. The total value of commercial finance commitments increased 5.6%, with fixed lending commitments and revolving credit commitments up 7.6% and 1% respectively. Lease finance commitments dropped 9.4%.
Lend Lease to transform shares to securities
Meanwhile, property company Lend Lease has announced a plan to transform some of its shares into stapled securities on the Australian Securities Exchange.
The plan will see the company distribute to shareholders units in a new trust on a one-for-one basis, and then combine the separate units as a stapled security, Chief Executive Steve McCann said the new proposal will give the company a much more efficient capital structure.
“Lend Lease has no current specific asset purchases in mind,” he said. “The new stapled structure positions Lend Lease for growth using a more efficient vehicle should assets be added to the portfolio at a later date.”
The Australian sharemarket has opened flat today, despite positive results from Wall Street last week as lower metal prices have brought resource-based shares down.
The benchmark S&P/ASX200 index was down 0.5 points or 0.01% to 4753.4 at 12.10 AEST. The Australian dollar also remained steady at US90c.
NAB shares fell 1.2% to $31.21, while Westpac lost 1% to $25.87. Commonwealth Bank shares also fell 1% to $52.63, as ANZ lost 0.9% to $24.43.
Seven Network closer to ConsMedia takeover
Seven Network’s stake in James Packer’s Consolidated Media Holdings has moved over the key takeover threshold of 20% after an on-market share buyback reduced the number of shares on issue.
Seven’s 137.31 million shares now represent a 20.96% stake in CMJ, while the number of ConsMedia shares has fallen to 655.05 million to 689.78. Some analysts have suggested Kerry Stokes’ Seven Network is seeking ownership of ConsMedia due to the company’s 25% in pay TV company Foxtel.
Mining giant BHP Billiton is now closer to developing a new uranium mine in WA after the state’s government denied any need for a public inquiry, The Australian has reported.
The company will attempt to have the mine running by 2013, before the next state election. The Labor party has said it will ban the practice of uranium mining if it wins power.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
