NEWS ARCHIVE

Macquarie continues to profit from Innamincka growth

While under investigation from the Australian Securities and Investment Commission over its trading in shares in oil and gas junior Innamincka Petroleum, Macquarie Bank was yesterday issued one million options in the company.

ASIC is after information from the finance giant about trading in Innamincka which floated at the end of last year with help from Macquarie. Coincidentally Innamincka chairman Adam Johnson is the brother of Macquarie deputy chairman Mark Johnson, who held around 1.95 million shares at the time of the float.

Macquarie will now benefit from underwriting a $6.5 million capital raising recently approved by Innamincka shareholders, receiving 5% of the money raised ($325,000) and the one million options.

The options themselves have a strike price of 65 cents while the company was trading this morning at 94 cents, putting Macquarie in line for another significant pay day.

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