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WDS Ltd (ASX:WDS) will make a fully underwritten capital raising of new shares, raising around A$45.7 million. The proceeds will be used to fund the cash component of the consideration for the acquisition of Titeline Energy Pty Ltd, to contribute to expansionary capital expenditure for new drilling capacity, to contribute to working capital needs for future projects and to pursue future strategic opportunities in the CSG sector.
WDS Ltd (ASX:WDS) will make a fully underwritten capital raising of new shares, raising around A$45.7 million. The proceeds will be used to fund the cash component of the consideration for the acquisition of Titeline Energy Pty Ltd, to contribute to expansionary capital expenditure for new drilling capacity, to contribute to working capital needs for future projects and to pursue future strategic opportunities in the CSG sector.
Sydney, Sep 29, 2009 AEST (ABN Newswire) - Wall Street Monday rebounded from a three-day losing streak as investors were optimistic about the merger and acquisition market after Xerox agreed to buy business services provider Affiliated Computer Services in a US$6.4 billion deal. Analysts' upgrades also boosted Cisco, Citigroup and other firms in both the technology and financial sectors.

Yesterday the Australian share market fell on fears about the sustainability of the economic recovery. The benchmark S&P/ASX200 index lost 35.9 points, or 0.76 per cent, at 4677.4 points, while the broader All Ordinaries index declined 37.9 points, or 0.8 per cent, to 4676.9 points.

Key Economic Facts and Figures

Economists broadly tipped that RBA's interest rates may rise as early as November, and another rise could follow in December, as the central bank aims to hold an inflation rate within the 2-3 per cent target band. Macquarie interest rate strategist Rory Robertson said the scenario of back-to-back 25 basis point hikes in November and December should be taken seriously.

The final budget outcome for the 2008-09 year was a deficit of A$27.1 billion, the Federal Government has revealed. This is a better-than-expected result compared to the A$32.9 billion deficit forecast in the May budget. Treasurer Wayne Swan said the outcome is the result of a combination of various one-off factors and the effects of the Government's economic stimulus which has contributed to stronger economic outcomes.

M&A News

Lend Lease Corporation (ASX:LLC) yesterday that it had entered an agreement to acquire the part of aged-care group Lend Lease Primelife (ASX:LLP) that it does not already own for A$170 million. Lend Lease already has 43.2 per cent of Primelife. The friendly takeover, believed to be completed by late December, will save Primelife from asset sales or a major capital raising. Primelife was formerly known as the Babcock & Brown Communities Group.

WDS Ltd (ASX:WDS) will make a fully underwritten capital raising of new shares, raising around A$45.7 million. The proceeds will be used to fund the cash component of the consideration for the acquisition of Titeline Energy Pty Ltd, to contribute to expansionary capital expenditure for new drilling capacity, to contribute to working capital needs for future projects and to pursue future strategic opportunities in the CSG sector.

Important Corporate News

Western Plains Resources Ltd (ASX:WPG) said it and Wugang Australia Resources, a subsidiary of Chinese state-owned steel maker WISCO, have agreed to a three month extension to the condition precedent period in the Hawks Nest joint venture transaction documents. WPG and WISCO will fully assess the impact of the position taken by the Department of Defence, which says it will not support the WISCO investment application, and to engage in further discussions with Defence.

The corporate regulator has ordered the Australian Stock Exchange to re-open its investigation into toll-road builder BrisConnections (ASX:BCSCA). In its annual report on the ASX, the Australian Securities and Investments Commission highlighted 13 areas where "improvement or attention" was needed, including the resourcing of crucial enforcement and tribunal operations and its handling of trading halts and suspensions.

Dexus Property Group (ASX:DXS) priced its inaugural US$300 million debt issue in the US 144A bond market. The fixed rate senior unsecured notes were issued at 99.582 per cent of the principal amount. Proceeds of the issue will be used to pay down the group's existing borrowings.

Contact

Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net


Related Companies

Wpg Resources Ltd             
WDS Limited       
Lendlease Group          
Lend Lease PrimeLife Group       
Dexus Property Group        
BrisConnections Units Trusts        

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