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Macquarie gets it foot on WHK

WHK Group yesterday said it entered into a strategic partnership with a subsidiary of Macquarie Bank Ltd to support the continuing implementation of WHK's financial planning strategy.WHK said in an announcement to the ASX that in addition to entering into the strategic partnership, WHK has agreed to issue 30 million convertible notes to Macquarie at an issue price of $1 each. The convertible notes equate to 10 per cent of WHK's issued capital on a converted, fully diluted basis, which would make Macquarie WHK's largest shareholder upon conversion.The $30 million proceeds will substantially reduce WHK's bank borrowings.News Bites

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