Investors Drop Half
Illawarra Mercury
Wednesday October 2, 2002
Investors in Sydney Airport owner Macquarie Airports (MAp) officially halved their money yesterday, as the deadline for the obligatory second payment for its stock came and went.
Investors had until 5pm yesterday to hand over their second dollar for securities in the Macquarie Bank Ltd investment vehicle, bringing their total outlay to $2.00 per security.
The now fully paid securities, which listed in April, closed steady at $1.02, 49 per cent below their total issue.
50% stake bought
Perth-based engineering and construction company Clough Ltd has purchased a 50 per cent stake in Shedden Uhde to meet a rising demand for services in the process industries sector.
Melbourne based Shedden Uhde, a subsidiary of massive German company Uhde GmbH, works primarily in the oil and gas, petroleum and chemical industries in Australia and Asia for clients including Basell, Shell, BP, Exxon/Mobil, Origin Energy, Incitec and CSL.
Gas pipeline success
The proposed $6.5 billion Papua New Guinea highlands to Queensland gas pipeline yesterday signed up its second major customer, in a major boost to the long-delayed project.
The Queensland Government-owned CS Energy signed a conditional agreement for an average 15 petajoules per annum (PJPA) but the exact figure was yet to be shaped.
Esso Highlands Ltd, a subsidiary of the pipeline project operator ExxonMobil Corp, said the conditional deal with CS Energy covered the sale of gas for 20 years from the start-up of PNG gas deliveries.
PBL outlook cautious
Kerry Packer's Publishing & Broadcasting Ltd said yesterday the outlook for the coming year remains cautious, with the television advertising sector still soft.
``The outlook for the coming year continues to be cautious," executive chairman James Packer and chief executive officer Peter Yates said in the company's annual report.
``The television advertising sector remains soft and the impact on Crown of new anti-smoking legislation introduced in Victoria in September 2002, as well as the responsible gaming legislation to be rolled out in January 2003, is similarly difficult to determine."
TMS at lowest point
Nervous investors yesterday sent Television & Media Services Ltd shares plunging to their lowest point.
It came after the embattled company - which owns Val Morgan Cinema Advertising - on Monday warned significant uncertainty existed about whether it could continue to operate as a going concern.
TMS shares tumbled 33 per cent, or 2.1, to 4.3 yesterday.
TMS is urgently trying to renegotiate crippling long-term cinema rental agreements and on Monday said it had stopped paying rent to cinema exhibitors.
© 2002 Illawarra Mercury
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