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Stocks to watch: BTU, FPH, GEL, PGC, WFD, WSI

Monday 19th September 2011

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The following stocks may be active on the New Zealand exchange after developments since the close of trading. All prices are in New Zealand dollars unless specified.

Themes of the day:

Offshore themes look set to dominate trading again today, with no data expected on the local front. Global equity markets rose last week, with investor appetite for higher yielding of riskier assets buoyed by the announcement that a group of central banks would provide funding to European private sector banks.

On Wall Street, the Standard & Poor’s 500 Index rose 0.6% to 1216.01, while Europe’s Stoxx 600 Index rose 0.6% to 230.16.

Bathurst Resources Ltd (BTU): The dual-listed coal miner said a second appeal against the granting of the Escarpment Mine resource consents has been launched by the Fairdown Residents Association. That comes after the West Coast Environment Network challenged the decision, which even if unsuccessful could delay the projects start date by up to nine months. BTU shares fell 0.9% to $1.11.

Fisher & Paykel Healthcare Corp. (FPH): The manufacturer of respirators and breathing masks looks set to face a strike by workers in Auckland after attempt to mediate a dispute with the union over its collective agreement broke down last week. The company is looking to lock workers into a two to three year collective agreement while workers are pushing for one year. FPH shares 2.8% on Friday to $2.23.

Glass Earth Gold Ltd. (GEL): The NZAX-listed miner is looking to raise C$5 million through a private placement in Canada. The miner will issue 9.1 million units at 55 Canadian cents apiece, giving buyers one share and one-half of a warrant, it said in a statement. For each whole warrant purchased, investors can buy one share at 80 Canadian cents, 24 months from the date of issue. GEL shares were unchanged at 79 cents on the NZAX, and last traded on Sept. 9.

New Zealand Wool Services International Ltd. (WSI): The wool scourer and exporter says it is considering its own capital raising to buy the 64% of its shares held by the receivers of Plum Duff and Woolpak Holdings, according to Fairfax Media. A Cavalier Corp.-led joint venture and Wool Equities Ltd. are both bidding for the stake. WSI shares were unchanged at 52 cents on Friday.

Pyne Gould Corp. (PGC): The financial services company said it expects to return to profit next year after confirming a loss of $141 million in the last financial year. The company flagged the loss last week, but delayed releasing its financial statements due to the February earthquake. Revenue sank 39% to $21.7 million in the 12 months ended June 30, for an operating loss of $47.4 million. PGC shares rose 3.3% on Friday to 31 cents.

Wakefield Health Ltd. (WFD): The private hospital operator will tap investors for up to $15 million to help pay for recent acquisitions in Tauranga and Auckland. The company has received commitments from institutional investors and cornerstone shareholders for an $11 million placement at a 3% discount, and it plans to tap shareholders for a further $4 million in a share purchase plan at the same price. WFD shares were unchanged at $5 on Friday.


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