Forge Group sale documents are flying around Perth like confetti...

Forge Group sale documents are flying around Perth like confetti – and have apparently found their way into the hands of listed rivals Decmil, NRW Holdings and Monadelphous.

It is understood the three listed contractors are among a group of about 10 parties taking a look at Forge’s books, as part of a sale process being run by Perth-broker Euroz. Sources said other interested parties included privately-owned Southern Cross Engineering and US distressed investor Anchorage Capital Group.

Although as Forge’s board would know, it is one thing to have interest and another to have a buyer at an acceptable price. The company has already knocked back conditional offers it thought were low-ball, but has gone back to these parties and others.

Lender ANZ Banking Group, which saved Forge late last year, is keen to see an equity injection.

It’s likely some of Forge’s rivals are in the dataroom just to take a look at some of its bigger contracts in case things go bad and Forge loses some clients. In that case, the contracts would likely go back to tender and rivals would want to know the details.

Elsewhere, the team at Andrew Forrest’s Poseidon Nickel have been beavering away on an equity raising in recent weeks. The company was due to report back to the market on the results of its equity raising on Friday morning, but is expected to instead seek another extension of its trading halt.

The Poseidon team are believed to still be putting a raising together and have decided they need more time. Poseidon needs $US197 million ($220 million) to develop its Windarra nickel project and has an $US8 million loan outstanding to Mr Forrest, who ranks as its biggest shareholder. It is believed the company is now trying to raise about $US20 million, which would allow it to settle Mr Forrest’s debts, and provide some working finance for another year or two.