FTI Consulting has hired corporate advisory boutique amicaa to chase asset divestment or recapitalisation for gold play Wiluna Mining, which called in voluntary administrators on July 20.
Wiluna Mining has told investors it’s got a 5.5 million ounce gold resource from its 100% owned operations in WA’s Northern Goldfields. But it ran into trouble with increasing costs, production shortfalls and ramp-up issues which dried up its working capital and put stress on its obligations to lenders.
Two weeks before it brought in the voluntary administrators, Wiluna swapped outs its chair and also installed a new chief executive. It raised $57.4 million at end of May, of which the administrators were still trying to find $7 million at the first creditors meeting on August 5. At the time of FTI’s appointment, Wiluna had about $4.8 million cash excluding bank guarantees and about 3075 WMT of gold concentrate available for sale. It had a $74 million market capitalisation when it last traded.
amicaa would act as the lead financial adviser to Wiluna, vetting investors for a sale or a recapitalisation while FTI lets the mine run. amicaa is run by David Wood, a former vice chair and head of local investment banking at Bank of America Merril Lynch. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coal miner’s 1000pc surge defies climate crisisThe world is only getting more dependent on coal despite the climate crisis, and mine investors are cashing in.
Read more »
'Legendary' WA pub famed for wet T-shirt competitions up for sale for the first time in decadesWith skimpies, himpies, wet T-shirt competitions and pearlers in its history, a beloved WA institution is up for sale and locals hope it keeps its traditions.
Read more »
F45 founder gets $1m more than guide in Freshie sale - realestate.com.auAn uber rich gym mogul sold his Freshwater mansion for $1m more than the market's guide. Take a look inside 👉
Read more »
‘Heat and eat’: Ready meal sales surge as time-poor families opt for convenience over home cookingFrom chef-cooked meals to high-protein and vegan dishes, the market for ready meals is seeking to cater to more consumers.
Read more »
‘Heat and eat’: Ready meal sales surge as time-poor families opt for convenience over home cookingSales of ready meals are surging in Australia, driven by a lack of cooking skills, increasingly busy lives of young professionals and families and a desire for healthier alternatives to frozen pizza. | smh_andrew
Read more »
Buyer snaps up Ormond home she admired for decades for $1.81 million at auctionAfter 30 years thinking of a home she once lived four doors down from, the buyer noticed a “for sale” sign when driving past and made a major life change to secure it. auctions
Read more »