Briefcase: South Africa business extracts

In this week’s briefcase, a $250 million grain project on the Eyre Peninsula secures funding, an Adelaide law firm significantly expands its interstate offering and Angel Seafood posts record monthly sales ahead of a impending takeover.

Eyre Peninsula grain port secures funding

An artist’s rendition of the $250 million grain export port of Port Spencer. Photo: provided

Construction of a $250million grain export port at Port Spencer on the Eyre Peninsula is set to start as early as next month after the company in charge of the project secured funding from an investment company in commodities based in Dubai.

Peninsula Ports announced last week that Aria Commodities, a global commodities trading company based in the United Arab Emirates, would be the company’s lead financial partner for its grain export port and storage facility which is being built. is planned 20 km northeast of Tumby Bay.

The deep water port, which the state government gave major development approval for in August 2020, will be capable of storing 800,000 tons of grain and have a ship loading capacity of 2,400 tons per hour.

The port will be operational in time for the 2023 harvest, according to Peninsula Ports chairman John Crosby.

“Aria Commodities is growing in Australia and sees Port Spencer as the ideal location to support farmers on the Eyre Peninsula as they export their high quality grain to countries around the world,” Crosby said.

“Once the deep sea port is built there will be significant benefits for the region, and we hope it will boost the economy not just of the Eyre Peninsula, but of the state as a whole.”

Peninsula Ports expects the project to create 150 jobs during construction and 20 permanent positions once the port is operational.

The company’s financing agreement with Aria Commodities was approved at a board meeting in Port Lincoln on Tuesday, May 3.

Adelaide law firm Cowell Clarke has embarked on a wave of corporate hiring to bolster its legal practice in New South Wales.

The business law firm, headquartered on Pirie Street, last week announced a significant expansion of its interstate offering with eight senior appointments to its Sydney office, including the appointment of the NSW legal heavyweight Iain Rennie as director and office manager.

Rennie’s move comes after nine years as managing director of corporate and commercial affairs at Australian Business Lawyers and Advisors (ABLA).

He takes with him seven other former ABLA lawyers at Cowell Clarke in Sydney, three of whom have been hired as directors, along with a consultant, two senior associates and a partner.

Cowell Clarke chief executive Rob Comazzetto, who oversaw the company’s 2017 expansion into Sydney, said “now is the time” for the company to build capacity in New South Wales.

“Our customer base in the Eastern States has grown over the years and we see strong growth opportunities for our business in this market,” Comazzetto said.

“The new team will enable us to strengthen our corporate and commercial offer of high-level legal services to large companies and SMEs in all sectors of industry.

“This significant expansion is also in line with our strategy to capitalize on the success of Cowell Clarke’s digital solutions offerings and comprehensive commercial law services.”

The hires bring the number of Cowell Clarke employees in Adelaide and Sydney to 180. The company also operates an office in Melbourne.

South Australian oyster producer Angel Seafood posted a record month of sales in April 2022 amid strong Easter demand, as a Queensland takeover bid on the Port Lincoln-based company crosses another obstacle.

Angel said he sold 1.6million oysters last month – it’s the highest ever, topping 1.4million sold in October 2021 ahead of a November Coffin Bay oyster industry shut down due to virus outbreak.

The Port Lincoln-listed company said the result was driven by “above average” demand over the Easter period. The additional sales allowed them to reap a record $1.3 million in April sales.

“We have continued to see increasing levels of demand for our pristine oysters, and our team’s ability to manage our inventory position has allowed us to generate this new monthly record,” Angel CEO Zac Halman said. at the ASX last week.

It is a takeover bid for Queensland agribusiness fund managers company Laguna Bay which is nearing completion.

The takeover, which has the backing of Angel’s directors, last week received approval from the Foreign Investment Review Board, which confirmed that the federal government has no objections to the proposed takeover. control.

A brochure outlining the terms of the proposed acquisition is expected to be distributed to shareholders on June 11.

Angel opened trading today at $0.195 per share. Its shares are trading about 50% higher since Laguna Bay revealed its takeover bid in February.

Changing of the Guard at Leedwell

Leedwell Property has attracted two new financial partners as it prepares to say goodbye to co-founder John Savva later this year.

Commercial real estate company Unley, which opened its first office in Melbourne in 2018, has announced that industrial director Henry Treloar and trustee accountant Brad Feast have both become partners.

Treloar have been with Leedwell since 2014 while Feast joined in 2017. The duo will join founding partners Steve Smith and Andrew Zammit as well as former JLL boss Jamie Guerra and Melbourne-based Chris Parry to lead the trading company.

Smith said Treloar and Feast would play “an essential role” in shaping the future of Leedwell “as we continue to move from a partnership model to a corporate structure that provides new opportunities for our employees and supports our growth trajectory.”

Meanwhile, Savva, who co-founded Leedwell in 2009, is expected to leave her partnership with the firm at the end of the financial year to pursue “property development and other career opportunities”.

“John was instrumental in establishing Leedwell as a national leader in commercial property, but we always knew his passion lay in development,” said Smith.

“It leaves Leedwell in a very strong position, with the opportunity to strengthen our commercial property offering in line with our national ambitions for the business.”

Adelaide Uni supports hydrogen-boron laser project

Sydney laser fusion energy start-up HB11 Energy has received $22 million from the University of Adelaide and the University of New South Wales to develop new laser technologies capable of generating hydrogen-boron fusion.

Hydrogen-boron reactions can provide large amounts of energy for hydrogen production or base-load grid electricity while producing less waste because they do not produce neutrons during their primary reaction.

The $22 million in funds will allow HB11 Energy to explore a proof-of-concept design and development of a new petawatt laser capable of generating hydrogen-boron reactions.

HB11 says the technology could result in “reliable energy at better prices and in greater abundance than all existing renewable energy sources combined”.

The money to explore the technology comes from a $50 million federal government grant to the University of Adelaide and the University of NSW for their joint defense research commercialization initiative “Defence Trailblazer: Concept to Sovereign Capability”.

HB11 founder and chief executive Dr Warren McKenzie touted the nuclear fusion power industry as potentially creating “billions in economic value for Australia”.

“If HB11 Energy’s research program is successful, it will place Australia at the heart of an industry deploying the only truly secure, scalable and extremely inexpensive future energy,” it said in a statement.

“On this journey, there is also a new multi-billion dollar industry to be built both in the manufacture of these lasers and in the development of their applications in sectors such as clean energy, healthcare, manufacturing, quantum computing and many more.

“This Trailblazer grant opens up a fantastic opportunity for Australia to lead these new industries and seize new advanced manufacturing opportunities that will arise from them.”

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