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Neptune rattles tin for $40m

4th June 2009, 8:15 WST


Oil and gas services group Neptune Marine is targeting $40 million through Euroz Securities in the latest capital raising by a Perth company.

The raising capitalises on a recent run in Neptune shares, which hit their highest point in a year on Monday by climbing to 59¢, more than doubling their low of 26.5¢ last October.

Companies have taken advantage of the sharemarket recovery over the past two and a half months to tap investors for billions.

Figures from the Australian Securities Exchange yesterday show market participants secured $11.3 billion in secondary raisings in May, up 305 per cent on May last year.

The figure was heavily skewed by several big equity raisings by the likes of Santos ($1.8 billion), Stockland ($1.6 billion) and GPT Group ($1.4 billion).

But a raft of smaller WA companies — including Macmahon, Automotive Holdings Group, Western Areas and Aspen Group — also joined the drive for cash.

Neptune last tapped shareholders in February 2008, raising $60.9 million through an institutional share placement at 95¢ a share.

Neptune managing director Christian Lange declined to comment on the raising yesterday.

LOUISE BURKE