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	<link>http://egolinews.com</link>
	<description>ASX News</description>
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		<title>CXN: $3-5m Capital Raise</title>
		<link>http://egolinews.com/news-and-views/cxn-3-5m-capital-raise/</link>
		<comments>http://egolinews.com/news-and-views/cxn-3-5m-capital-raise/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 03:40:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Industrials]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=24a44956-bc28-4f15-a2cb-5b6efbad3f4b</guid>
		<description><![CDATA[<p>
CXN announces $3-5 million capital raise to fund expansion Sydney &#38; Hong Kong 30 July, 2010: 
</p>
<p>
Data and transaction services company Connxion Ventures Limited (CXN), today announced that it will raise $3 &#8211; 5 million to fund its Asian and Chinese expansion and further its regional endeavors. The Connxion Ventures Ltd Board previously sought approval for the raising of up to $10 million in new capital, issuing 222,222,222 shares at no less than 4.5c at an Extraordinary General Meeting on 30 June 2010. 
</p>
<p>
The Board has reviewed the company&#8217;s current business and expansion plans and related capital requirements for its growth strategy and has decided that it only requires $ 3 - 5 million for its expansion activities. Given the current market conditions, this decision will also minimise shareholder dilution. The funds will be used to accelerate contracts and business development growth primarily in Singapore and the region, inclusive of funding the establishment and ongoing commitment to the China operations and strategy. The company will update its forecasts as these expansion strategies are implemented. The company is currently undertaking discussions with leading brokers to assist with the capital raise and will keep the market informed accordingly. 
</p>
<p>
Connxion Ventures Limited CXN is a data and transaction services company providing online, data, rewards and e-billing services. The company earns revenue from collecting, analysing and utilising data (or essentially customer information) for its clients so they can in turn attract, retain and transact with their own customer bases.<br />
<br />
CXN&#8217;s customers are some of the world&#8217;s leading blue chip organisations operating in the telco/utility, transport and logistics, hotel and leisure, and financial services sectors. With operations in Australia, Singapore, Hong Kong and China, CXN has the geographical footprint to capitalise on growing market for data and transaction services throughout Asia &#8211; currently valued at $3 billion per annum. 
</p>
<p>
Further information contact: Ben Jarvis, Six Degrees Investor Communication, 0413 150 448 or ben@sixdegreesmedia.com.au. 
</p>
]]></description>
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		<item>
		<title>RIO &amp; Chalco Sign Agreement</title>
		<link>http://egolinews.com/news-and-views/rio-chalco-sign-agreement/</link>
		<comments>http://egolinews.com/news-and-views/rio-chalco-sign-agreement/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 03:21:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Materials and Resources]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=347c5601-788b-4e47-b0b1-d83ffec1d468</guid>
		<description><![CDATA[<p>
Rio Tinto and Chinalco subsidiary Chalco sign binding agreement for Simandou iron ore project joint venture 29 July 2010 
</p>
<p>
Rio Tinto and Chalco today signed a binding agreement to establish a joint venture (JV) covering the development and operation of the Simandou iron ore project in Guinea. The binding agreement follows the signing of a memorandum of understanding between Rio Tinto and Chalco&#8217;s parent Chinalco announced on 19 March 2010. The agreement covers all aspects of how the JV and project itself will operate and be governed, including planning, construction and management of the mine and associated rail and port infrastructure. Jan du Plessis, chairman, Rio Tinto and Xiong Weiping, president, Chinalco, and chairman and chief executive officer, Chalco today attended a signing ceremony in the Great Hall of the People in Beijing. Government officials from China, Guinea, the United Kingdom and Australia were represented at the event. Mr du Plessis said: &#8220;Developing our relationship and business links with China is a key priority for Rio Tinto.<br />
<br />
This agreement takes our relationship with China and our largest shareholder Chinalco to a new level, building on a line of successful partnerships between Rio Tinto and China dating back to the start of the Channar iron ore joint venture in the Pilbara a generation ago. The formation of partnerships is integral to our business engagement with China. We are confident that the knowledge and experience gained from these other ventures will help make this joint venture our most successful yet undertaken with a Chinese partner.&#8221; Mr Xiong said: &#34;The establishment of a joint venture will make use of Chinalco&#39;s advantages in the infrastructure field and its profound understanding of the Chinese market as well as Rio Tinto&#39;s technologies and experience in the operation of large mining projects, so as to form a complementary and powerful union.<br />
<br />
We believe the successful development of the Simandou project will greatly quicken the pace of local infrastructure construction and economic development. This project can also efficiently balance China&#8217;s need for security of supply on the global iron ore market. We expect the two sides will regard cooperation on the Simandou project to be the foundation for further pushing forward the cooperation of these two companies in other resource projects.&#8221; Tom Albanese, chief executive, Rio Tinto said: &#34;We are excited about formalising our partnership with Chinalco through its subsidiary Chalco.<br />
<br />
Rio Tinto, Chinalco and the IFC together form an extremely strong development team. We expect to realise great economic and social benefits for the people of Guinea from the development of the Simandou project. This is a world-class iron ore project.<br />
<br />
We firmly believe this agreement will deliver great value for our shareholders. We remain committed to continued engagement with the Guinean Government and other key stakeholders. We continue to invest funds to keep this important project moving forward and anticipate mining operations would start within five years.&#8221; Luo Jianchuan, president, Chalco, said: &#34;This transaction is consistent with the company&#39;s development strategy to seek development opportunities in the mining industry and to seek high-quality overseas mineral projects.<br />
<br />
We hope Chalco and Rio Tinto can join efforts to enable the Simandou project to be put into production according to the development schedule reached by the two sides, so as to bring huge value to all related parties.&#34; Under the terms of the agreement, Rio Tinto&#39;s 95 per cent interest in the Simandou project will be held in the new JV. Chalco will acquire a 47 per cent interest in the new JV by providing US$1.35 billion on an earn-in basis through sole funding of ongoing development work over the next two to three years. Once Chalco has paid its US$1.35 billion, the effective interests of Rio Tinto and Chalco in the Simandou project will be 50.35 per cent and 44.65 per cent respectively.<br />
<br />
The remaining five per cent will be owned by the International Finance Corporation (IFC), the financing arm of the World Bank. Both Rio Tinto and Chalco are keen to progress the project as soon as possible and are working with all stakeholders to expedite the process. The formation of the JV will be finalised in consultation with the Guinean Government and following satisfaction of various regulatory requirements. Notes to editors Following the formation of the JV, Rio Tinto&#39;s Simfer subsidiary will continue to be responsible for the development of the Simandou project, and Chalco will provide secondees to assist and be involved with Rio Tinto in the management and operation of the project. In addition to the sole funding provided by Chalco, the project will require significant additional development expenditure before it becomes fully operational, which will be funded jointly by Rio Tinto, Chalco and IFC, based on their corresponding share of interests. The Guinean Government holds an option to buy up to 20 per cent of the project.<br />
<br />
The Government has recently expressed a willingness to exercise that option. Any interest acquired by the Guinean Government would proportionally reduce the effective holding in the project of Rio Tinto, Chalco and the IFC. Simandou is a world-class iron ore mining project located in south-eastern Guinea. The project has completed initial feasibility studies and development work is progressing.<br />
<br />
Rio Tinto is partnered with the IFC, which holds a five per cent stake in the Simandou project. Chalco also contributes dedicated capability in the delivery of major projects and access to the infrastructure expertise and experience of other organisations in China. Since the Mining Concession was granted in 2006, Rio Tinto has spent more than US$650 million on exploration, environmental, community development and evaluation work necessary to develop a world-class mine at Simandou. The Simandou project employs more than 1,100 people in Guinea, including direct and indirect employees. The current mine, rail and port plan anticipates creating tens of thousands of jobs during the construction phase and more than 4,000 full-time jobs during the operational phase.<br />
<br />
The mine would be managed by Rio Tinto. Once fully operational, the mine is expected to produce more than 70 million tonnes of high-grade iron ore annually, and satisfying demand in the China market will be a high priority. Chalco is a listed subsidiary of Chinalco, with its shares traded on the Hong Kong, Shanghai and New York Stock Exchanges. Chinalco, directly and through various associated entities, holds in excess of 40 per cent of Chalco&#8217;s issued capital. About Rio Tinto Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange. Rio Tinto&#39;s business is finding, mining, and processing mineral resources.<br />
<br />
Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa. 
</p>
<p>
For further information, please contact: Media Relations, EMEA / Americas Tony Shaffer Office: +44 (0) 20 7781 1138 Mobile: +44 (0) 7920 041 003 Christina Mills Office: +44 (0) 20 7781 1154 Mobile: +44 (0) 7825 275 605 Media Relations, Australia / Asia David Luff Office: +61 (0) 3 9283 3620 Mobile: +61 (0) 419 850 205 Investor Relations, Australia Dave Skinner Office: +61 (0) 3 9283 3628 Mobile: +61 (0) 408 335 309 Simon Ellinor Office: +61 (0) 7 3361 4365 Mobile: +61 (0) 439 102 811 Investor Relations, London Mark Shannon Office: +44 (0) 20 7781 1178 Mobile: +44 (0) 7917 576597 David Ovington Office: +44 (0) 20 7781 2051 Mobile: +44 (0) 7920 010 978 Investor Relations, North America Jason Combes Office: +1 (0) 801 204 2919 Mobile: +1 (0) 801 558 2645 
</p>
<p>
Website: www.riotinto.com Email: media.enquiries@riotinto.com / enquiries.mediaaustralia@riotinto.com High resolution photographs and media pack available at: http://www.riotinto.com/media. 
</p>
]]></description>
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		<item>
		<title>AOE: Federal Court Approval</title>
		<link>http://egolinews.com/news-and-views/aoe-federal-court-approval/</link>
		<comments>http://egolinews.com/news-and-views/aoe-federal-court-approval/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 03:16:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Energy]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=ee9b23ed-374c-4568-a424-0dfb14f20748</guid>
		<description><![CDATA[<p>
Acquisition Scheme Approved by Federal Court The Directors of Arrow Energy Limited (Arrow, AOE) are pleased to advise that the Federal Court of Australia today approved the Acquisition Scheme of Arrangement that was approved by Arrow Shareholders at the Acquisition Scheme Meeting held on 14 July 2010. 
</p>
<p>
Arrow proposes to lodge the orders of the Federal Court of Australia with the Australian Securities and Investments Commission on Friday, 30 July 2010 whereupon the Acquisition Scheme of Arrangement will become effective. 
</p>
<p>
The following details the next steps in the Acquisition Scheme Process: 
</p>
<p>
TIME AND DATE EVENT 30 July 2010 
</p>
<p>
EFFECTIVE DATE &#8211; this is the date on which the Acquisition Scheme comes into effect. Arrow will be suspended from trading on ASX at the close of trading on the Effective Date. 6 August 2010 
</p>
<p>
ACQUISITION SCHEME RECORD DATE &#8211; all Arrow Shareholders who hold Arrow Shares on the Record Date for the Acquisition Scheme will be entitled to receive the Scheme Consideration of $4.70 per Arrow share. 23 August 2010 
</p>
<p>
ACQUISITION SCHEME IMPLEMENTATION DATE &#8211; Scheme Shareholders will be sent the Scheme Consideration to which they are entitled on this date. 
</p>
<p>
For further information contact: Mr Graham Yerbury CFO Tel: +61 7 3012 4000 Mr Andrew Barber General Manager Investor Relations Tel: +61 7 3012 4538 www.arrowenergy.com.au. 
</p>
]]></description>
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		<item>
		<title>PSH: Guidance Reaffirmation</title>
		<link>http://egolinews.com/news-and-views/psh-guidance-reaffirmation/</link>
		<comments>http://egolinews.com/news-and-views/psh-guidance-reaffirmation/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 03:13:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Materials and Resources]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=3f4d4d32-eee5-44a8-a388-0f1dcdfe9c05</guid>
		<description><![CDATA[<p>
Penrice reaffirms 2010 guidance 
</p>
<p>
&#8226;FY2010 underlying profit and cash flow in line with guidance 
</p>
<p>
&#8226;Chemicals demand recovers in June quarter 
</p>
<p>
&#8226;New mine plan delivers less inventory build 
</p>
<p>
Penrice Soda Holdings Limited (PSH) today announced that its preliminary unaudited accounts for the year ended 30 June 2010 show an underlying net profit after tax of $5.3 million, in line with guidance provided in April 2010 of $5 million to $6 million and compares to $9.0 million in the previous year. As previously announced in April, Chemicals business demand was negatively impacted in the March quarter when reduced soda ash volumes were caused by unexpected, extended destocking by Penrice&#8217;s principal glass manufacturing customers. Soda ash sales volumes are recovering to more normal levels. Bicarb sales volumes, negatively impacted in the March quarter by unseasonal wet weather reducing demand from Penrice&#8217;s principal stockfeed customers, are also recovering.<br />
<br />
Penrice is well placed to capitalise on the market recovery, based on its customers&#8217; plans. Net free cash flow for the year was negative $7.4 million, which is a significant improvement on negative $22 million in 2009. The result is consistent with recent guidance of negative $7 million to negative $9 million. The positive trend is expected to continue in 2011. Quarry &#38; Mineral Business inventory build in 2010 was $6.4 million, in line with recent guidance and well down on the previous year&#8217;s $12.6 million.<br />
<br />
This reflects reduced overburden extraction and higher sales into civil markets. Overburden extraction rates are set to fall further from 2011 under a new five-year mine plan, with consequent increase in cash flow. The Company is pleased to confirm that Penrice&#8217;s mining operations will not be covered by the Federal Government&#8217;s revised Minerals Resource Rent Tax scheme. Following its capital raising in 2009, the Company had been in discussion with its banks regarding future funding arrangements. The Company has secured the in-principle support of its banking syndicate for an extension of its banking facilities for a further year until March 2013 and expects its revised banking agreements to be finalised in the near future. The Company&#8217;s full year audited results and a market update will be released on 26 August 2010. 
</p>
<p>
Penrice Soda Holdings Limited (PSH) is Australia&#8217;s only manufacturer of soda ash and sodium bicarbonate and one of the world&#8217;s largest sodium bicarbonate marketing companies.<br />
<br />
It also operates a limestone mine and is a significant supplier of industrial minerals and civil products. The Company is committed to driving shareholder value through the manufacture and supply of a range of world-class products across a variety of industries and countries including packaging, building and construction, mining, detergents, food and personal care, stockfeed and environmental control/water purification. 
</p>
<p>
For further information regarding Penrice Soda Holdings&#8217; Australian operations go to our website at www.penrice.com.au or contact: Guy Roberts, Managing Director &#38; CEO 0412 958 040. 
</p>
]]></description>
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		<item>
		<title>NME: Gold Resources Increase</title>
		<link>http://egolinews.com/news-and-views/nme-gold-resources-increase/</link>
		<comments>http://egolinews.com/news-and-views/nme-gold-resources-increase/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 03:08:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Materials and Resources]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=7c126dce-0608-436c-bd80-9a5433783873</guid>
		<description><![CDATA[<p>
NEX METALS EXPLORATIONS LTD 100% Kookynie Gold Project 13.5% Gold Resource Increase, 21.65 Mt for 716,000 gold ounce Mineral Resource Estimate. 
</p>
<p>
Nex Metals Explorations Ltd (ASX; NME) (&#8220;Nex&#8221;) is pleased to announce an update of the Mineral Resource Estimates for the Kookynie Gold Project&#8217;s Phase 3 area. The estimates have been completed by Apex Geoscience Ltd (Apex). Apex have calculated the resources in the previously unreported Niagra and Gladstone areas. The result is a significant 13.5% increase in gold ounce mineral resource estimate to a total 716,000 ounce gold inventory for Nex Metals shareholders. The directors believe there is huge potential to increase the Kookynie resources.<br />
<br />
Drilling to this aim will occur once the Laterite Dump Leach mining is underway and settled. 
</p>
<p>
For more information please visit the website www.nexmetals.com. Mr Ken Allen Mr Edd Prumm Managing Director Technical Director 0448 447 472 0448 966 377. 
</p>
]]></description>
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		<item>
		<title>AWE: MD Retires</title>
		<link>http://egolinews.com/news-and-views/awe-md-retires/</link>
		<comments>http://egolinews.com/news-and-views/awe-md-retires/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 03:04:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Energy]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=c766d058-4239-4173-bd4e-86377e07eadd</guid>
		<description><![CDATA[<p>
AWE Managing Director retires AWE Limited announces that its Managing Director, Bruce Wood, has advised he has decided to retire on or about his 60th birthday and consequently has given twelve months notice under his employment contract. 
</p>
<p>
The Board has launched a global executive search for his replacement. The board and Bruce have decided that he will continue in his current role for as long as is appropriate for a smooth and effective transition to the new Managing Director. AWE further advises that the Board is continuing a process of planned succession and renewal and expects to announce details within the next month. Mr Wood said: &#34;After more than 35 years in the industry, I have now come to the end of my working life. It is with mixed feelings that I have taken this decision.<br />
<br />
I&#39;ll miss working with a great team at AWE but it is now time to hand over. I wish the company the very best for the future.&#8221; AWE Chairman, Bruce McKay said: &#8220;The Board thanks Bruce Wood for his significant contribution in his three years as Managing Director during which time the company has matured its producing operations and expanded its geographic focus. We wish him well in his retirement.<br />
<br />
We look forward to a smooth transition to a new leader.&#8221; For information please see our website; www.awexplore.com or contact: Bruce McKay Garry Marsden Chairman Corporate Development Manager AWE Limited Mobile: 0400 040 106 Phone: +61 2 8912 8000 garry.marsden@awexplore.com. 
</p>
]]></description>
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		<item>
		<title>DRX: Capital Raising Complete</title>
		<link>http://egolinews.com/news-and-views/drx-capital-raising-complete/</link>
		<comments>http://egolinews.com/news-and-views/drx-capital-raising-complete/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 03:00:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Materials and Resources]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=d06690d8-5941-4df3-a8f5-8e1de06500f0</guid>
		<description><![CDATA[<p>
Diatreme Resources Limited (DRX) is pleased to announce that it has completed a Placement of 8,823,525 ordinary fully paid shares (&#8220;Shares&#8221;) at 8.5 cents per share, raising $750,000, to sophisticated and professional investors, including existing major shareholders. 
</p>
<p>
Funds will be applied generally as working capital toward the advancement of the Company&#8217;s heavy mineral and base metal projects. This will partially include the Cyclone Prefeasibility Study presently underway, together with the proposed co-funding from international industry groups of the Wanna Heavy Mineral Sands Project (encompassing the Cyclone Deposit). 
</p>
<p>
The Placement was managed by Intersuisse Ltd, together with PhillipCapital Australia. Settlement and allotment of the new shares is expected to be finalized within the next seven days. The resulting issued capital of the Company once the new shares are allotted will be as follows: Description Securities on Issue Ordinary fully paid shares - listed 234,864,734 47 cent options expiring 30 June 2011 - unlisted 16,800,000 47 cent options expiring 31 July 2011 - unlisted 3,000,000 
</p>
<p>
Leni Stanley Company Secretary. 
</p>
]]></description>
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		<title>Telecom Trading Halt</title>
		<link>http://egolinews.com/news-and-views/telecom-trading-halt/</link>
		<comments>http://egolinews.com/news-and-views/telecom-trading-halt/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 02:58:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[News and Views]]></category>
		<category><![CDATA[Telecommunications]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=b40e64af-ae94-4bec-9c8e-9a6b821a1828</guid>
		<description><![CDATA[<p>
Telecom Corporation of New Zealand Limited&#160; 
</p>
<p>
Trading Halt Request Telecom Corporation of New Zealand Limited (Telecom) requests that NZX and ASX halt trading in its securities on their respective stock exchanges pending the outcome of discussions in relation to a disposal of assets. We request that the trading halt be granted until a further announcement is made to the market. Telecom is not aware of any reason why the trading halt should not be granted. Yours sincerely Craig Mulholland Group Company Secretary
</p>
]]></description>
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		<title>AWB Merger</title>
		<link>http://egolinews.com/consumer-staples/awb-merger/</link>
		<comments>http://egolinews.com/consumer-staples/awb-merger/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 02:53:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Consumer Staples]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=e22d362e-3dc0-40e7-ae55-bd2af4e06f75</guid>
		<description><![CDATA[<p>
GRAINCORP AND AWB ENTER INTO MERGER IMPLEMENTATION DEED: CREATING AUSTRALIA&#8217;S LEADING DIVERSIFIED AGRIBUSINESS 
</p>
<p>
GrainCorp Limited (GrainCorp) and AWB Limited (AWB) today announced they have entered into a Merger Implementation Deed (MID) under which GrainCorp will merge with AWB under a Scheme of Arrangement (Scheme) between AWB and its shareholders. 
</p>
<p>
Highlights: &#8226; Creates one of Australia&#8217;s largest diversified agribusinesses, operating in the grains, merchandise, fertiliser and livestock sectors and is also the world&#8217;s fourth largest commercial malt producer 
</p>
<p>
&#8226; Combined company market capitalisation over $2 billion, an ASX 100 company 
</p>
<p>
&#8226; EPS accretive for both GrainCorp and AWB shareholders with synergies in excess of $40 million per annum to be realised 
</p>
<p>
&#8226; Increased attractiveness to investors with greater stock liquidity, improved access to capital, significant efficiencies 
</p>
<p>
&#8226; Directors of GrainCorp and AWB unanimously support the proposal Scheme of Arrangement GrainCorp will issue to AWB shareholders one GrainCorp share for every 5.75 AWB shares they own subject to an AWB shareholder vote. 
</p>
<p>
The transaction will result in a nil premium merger with the exchange ratio based on the volume weighted average prices of shares in each company over the last six months. GrainCorp&#8217;s shareholders will hold 58%, and AWB shareholders 42%, of the merged company. The Directors of AWB will commission an Independent Expert&#8217;s report to determine whether the Scheme is in the best interests of AWB shareholders. Subject to the Independent Expert confirming that the Scheme is in the best interests of shareholders and absent a superior proposal, each of the directors of AWB will recommend that AWB shareholders vote in favour of the Scheme and the removal of the 10% shareholder cap to permit the Scheme, and have indicated they intend to vote in favour of the Scheme and the shareholder cap removal in relation to their own shares. 
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<p>
The Scheme is conditional on certain regulatory and other approvals and conditions that are set out in the MID attached to this announcement. The necessary regulatory processes are expected to be completed during the second half of 2010. AWB has agreed to customary obligations that limit its ability to engage with third parties on a competing proposal, although these obligations are subject to fiduciary exceptions.<br />
<br />
The MID attached to this announcement contains full details of these arrangements. A break fee of 1% of the transaction value is payable by AWB in certain circumstances. Strategic Rationale GrainCorp Chairman Mr Don Taylor said, &#8220;The merged company will have the scale to compete more effectively against the large global grain companies now competing domestically, and exporting grain from Australia, and places us in a strong position to take advantage of the growing food demand from Asia, the Middle East and North Africa.&#8221; AWB Chairman Mr Peter Polson said &#8220;The merger will deliver synergies in excess of $40 million per annum. There are obvious benefits in merging the two head offices and by cutting duplication throughout the organisation.&#8221; Mr Taylor said, &#8220;The merged company will be one of the largest rural focused businesses in the ASX 100. 
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<p>
Australian grain growers will benefit from stronger relationships with international buyers and a wider range of grain marketing alternatives, continued operation of AWB pools, finance and rural merchandising services. The new company will be a significant grain exporter, a leading Australian flour miller and the world&#8217;s fourth largest commercial malt producer.&#8221; Mr Polson said, &#8220;The business and geographic diversification that results from combining these two companies delivers a more stable earnings profile for shareholders, with the potential for increased revenues and reduced earnings risk across the company&#8217;s operations.&#8221; Mr Taylor said, &#8220;Shareholders, staff and customers will benefit from a business focused on the significant growth opportunities in rural and regional Australia.<br />
<br />
The combination of grains, wool, livestock and a major rural retail business will provide unique insights and opportunities.&#8221; Board, Governance and Management Under the merger proposal, AWB Chairman, Mr Peter Polson, will become Chairman of the new company, GrainCorp Chairman Mr Don Taylor, will become Deputy Chairman and Ms Alison Watkins, Managing Director of GrainCorp, would become Managing Director. The Chief Financial Officer (CFO) of AWB, Mr Philip Gentry will become CFO of the merged entity. The two boards will merge. The senior management team of the combined company will be drawn from the current management teams of both GrainCorp and AWB. The merged entity will operate as GrainCorp Limited.<br />
<br />
The corporate head office will be located in Sydney, and business functions shared across the locations where best suited. The intention, in the absence of unforeseen circumstances, is for GrainCorp to pay a final fully franked dividend of approximately 10 cents per share, to which AWB shareholders will be entitled following implementation of the Scheme, and a 5 cent per share fully franked special dividend to all shareholders of the merged company. Timing Subject to the Supreme Court making appropriate orders, it is currently expected that AWB shareholders will be sent Scheme Documentation in September 2010. This will contain the basis for the AWB Board&#8217;s recommendation and an Independent Expert&#8217;s Report. AWB Shareholders will vote at a Scheme Meeting, expected to be held in late 2010. If the Court makes an order approving the Scheme, the Scheme will become effective on the date determined by the Court, and GrainCorp and AWB will become bound to implement the Scheme. Other proposals AWB Board has considered a range of alternative proposals, including the previously announced commodities transaction with Gavilon LLC, however has concluded that the proposed merger with GrainCorp creates more value for shareholders.<br />
<br />
Should a superior proposal emerge, the AWB Board would consider it on its merits and advise shareholders accordingly. Earnings Update The Board today reviewed the Company&#8217;s guidance and now anticipates that its profit before tax and significant items (PBT) for continuing businesses for the full year ending 30 September 2010 will be within the range of $75 million to $95 million compared to previous guidance of $85 million to $110 million. Landmark is expected to record a result materially higher than the prior financial year, despite challenging industry conditions, with the business expected to be the largest contributor to the group PBT. Improving margins, increasing market share and a focus on productivity improvement have all benefited Landmark. Within the Australian Commodity Management (&#8220;ACM&#8221;) business, whilst the second half has seen some modest improvement in the Grain Marketing business, the full year result is expected to be significantly lower than the prior financial year. This is largely driven by the continuation of difficult market conditions and lower margins in wheat marketing.<br />
<br />
The remainder of the ACM businesses are all performing to expectations. For further information: Peter McBride Belinda Seal GM Corporate Affairs Investor Relations Manager Tel: (03) 9209 2174 Tel: (03) 9209 2887 Mob: 0417 662 451 Mob: 0438 535 975 Advisors <br />
<br />
AWB advised by Deutsche Bank <br />
<br />
Legal advisers to AWB - Freehills. 
</p>
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		<title>AQR: Trading Halt</title>
		<link>http://egolinews.com/news-and-views/aqr-trading-halt/</link>
		<comments>http://egolinews.com/news-and-views/aqr-trading-halt/#comments</comments>
		<pubDate>Fri, 30 Jul 2010 02:50:00 +0000</pubDate>
		<dc:creator>egoli</dc:creator>
				<category><![CDATA[Materials and Resources]]></category>
		<category><![CDATA[News and Views]]></category>

		<guid isPermaLink="false">http://egoli.com.au/news/post.aspx?id=dd12a2d4-b5ce-4d08-a2ea-a3d82b66dd68</guid>
		<description><![CDATA[<p>
Request for Trading halt in respect of shares in Aussie Q Resources Limited 
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The Company requests a trading halt in respect of its listed shares. The Company seeks a halt because it is in discussions regarding a material capital raising and, particularly given the recent volatility in the Company&#8217;s share price, any loss of confidentiality with respect to these discussions may have a material impact on price of the Company&#8217;s shares. 
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<p>
It is requested that the trading halt be put in place for the earlier of two trading days or when an announcement is made to the market. The Company will make an announcement as soon as practicable. The Company is not aware of any reason why the trading halt should not be granted. Yours Sincerely, Stephen Lonergan Company Secretary. 
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