Company news: Heemskirk, Suncorp
As anticipated, membership of Heemskirk's Board has changed under Taurus' stewardship. The company also advised it has completed a review of the expansion project (from 300,000 mt p.a. to 600,000 mt p.a.) with an initial capital cost indication of ~C$18m (which is ~AU$18m) and completion in 2019. A feasibility study will now proceed. And finally, a short term C$10m funding agreement will be enacted with Taurus, to facilitate the completion of the Phase 1 build and commissioning. A new equity raise is expected to replace this facility in coming months.
Suncorp held an Investor Day. The company was quite upbeat in relation to insurance margins for H2 (good performance in its house and motor insurance divisions), and growth in bank lending. The company reiterated its Marketplace strategy (online cross selling). No guidance was provided, but the company appears on track with expectations.