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WESTERN Areas NL has successfully raised $35.35 million through it’s institutional share placement.

Seven million shares were issued at a discount of 3.6 per cent at $5.05 each.

The placement was significantly oversubscribed, with strong demand from both domestic and international institutions, most of which were existing shareholders.

Western Areas’ managing director Julian Hanna said: “The success of this placement will support Western Areas’ rapidly expanding nickel production and help underpin the Company’s growth strategy to achieve its goal to become Australia’s second largest and lowest cost nickel miner.”

Western Areas shares last traded down 44 cents, or 8.4 per cent, at $4.80.

www.news.com.au

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80 yr old treeKings Park arboricultural experts and specialist tree contractors have transplanted what is believed to be one of the original Centennial plantings of Red Flowering Gum trees along Fraser Avenue.

Arborist Jeremy Thomas said he believed the transplanting was a world first.

An 80 tonne crane lifted the tree and passed it to a 25 tonne Franna crane that “walked” the tree along Fraser Avenue to its new location. Earth anchors will be attached to the tree for stability while the tree develops new roots.

“I believe this is the first time such a tree of this species, size and age has ever been transplanted. We are quietly confident that this effort to conserve the Corymbia ficifolia which is around 80 years old will be a success,” new location. Earth anchors will be attached to the tree for stability while the tree develops new roots.

The tree stands 13 metres high, has a trunk diameter of almost one metre and a canopy spanning 11 metres in width.

Work to prepare the tree for transplant began a year ago with careful excavation around the root ball to assess root structure and prepare it for relocation.

The tree’s has been moved from the corner Fraser Avenue and the main carpark access road to a location near The Lodge just off the entry to Kings Park.

Last June, the Kings Park team successfully transplanted a 750 year old Boab tree 3200 kilometres from the Kimberley to Kings Park. It is envisaged that following an initial 12 month re-establishment period, this Red Flowering Gum will begin to regain its former splendour.

PERTH www.thewest.com.au

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