Global investment delivers Charter Pacific $1 million dividend
Charter Pacific Corporation (ASX: CHF) today announced that it will receive approximately A$1 million following Global Markets Capital Group’s declaration of a dividend based on its 31 December 2004 results.
The dividend comes on the back of a strong first half by diversified investment company Charter Pacific, which earlier this week announced it more than doubled its interim profit for 2004/05 by posting an underlying pre-tax profit of $10.03 million for the half year ending 31 December 2004.
Global Markets Capital Group, a New York investment bank which focuses on lifesciences and biotechnology, provided advisory services on a number of transactions last year, including two of Australia’s most significant financial transactions in the healthcare sector. These were:
- the largest takeover bid in the Australian healthcare sector, in which it advised Gribbles on Healthscope's $285 million public takeover offer; and,
- the Frost and Sullivan award winning merger of AGT Biosciences Limited and ChemGenex Therapeutics Inc to form ChemGenex Pharmaceuticals.
Charter Pacific’s Chief Executive Officer, Kevin Dart, said the dividend was the result of strong performance by Global Markets Capital Group throughout the US, Europe and Australia in 2004.
“This investment is not only delivering us strong capital growth, but is also a good strategic investment as Global Markets Capital Group provides us with access to considerable investment opportunities and a global network of contacts, as well as advice on our own investment portfolio,” Mr Dart said.
“This dividend from Global Markets Capital Group signals the start of a tremendous second half for Charter Pacific, which to date also includes ChemGenex Pharmaceuticals receiving a milestone payment of $A720,000 for its depression target discovery program and OEM NuTech securing a significant contract to supply to one of Australia’s leading automotive component manufacturers.”
About Charter Pacific Corporation
Charter Pacific Corporation is a diversified investment company that listed on the Australian Stock Exchange in 1988. Today the company invests in a diverse range of listed and unlisted entities across a broad range of industries. Its current investments include: ChemGenex Pharmaceuticals (ASX: CXS), Global Markets Capital Group (unlisted), OEM NuTech (unlisted), Monteray Group (ASX: MRY) and Metal Storm (ASX:MST).
About Global Markets Capital
Global Markets Capital Group is an independent New York-based investment bank which formed in 2002 from a management buy-out. The bank specialises in the lifesciences and biotechnology sectors, has offices in New York and Australia and operates in the US, European and Australian markets. Global Markets Capital Group was recently awarded the 2004 Frost & Sullivan Pharmaceuticals Buy-Side Middle Market M&A Advisor of the Year Award.