The subprime fuelled credit crunch continues to claim victims in the Australian markets, despite claims that our closeness to Asia would spare us the worst.

We may still be spared the sort of pain investors in the US and Britain are experiencing, but the damage is being done here nevertheless.

Today the Singapore controlled electricity distributor SP Ausnet revealed it had abandoned plans to acquire former assets of Alinta Ltd from its parent company, Singapore Power.

SP Ausnet cancelled general meetings of three of its subsidiaries scheduled for tomorrow to consider the deal, citing deteriorating capital market conditions as the reason for its decision.

And agricultural chemicals firm Nufarm says it has ceased talks with a Chinese-led consortium over a possible takeover. No reason was given but the consortium talking to Nufarm did comprise two US buyout groups who would have had to raise half the money for the deal on credit markets.

Nufarm said the consortium — which also included the China National Chemical Corporation — was unable to formalise its proposal, but it’s thought that the Chinese group might return when credit conditions ease.

And Storm Financial, a North Queensland financial advisory firm pulled its $170 million ASX listing on Friday night when it found little support from institutional shareholders, even though Westpac floated its BT Funds Management business for more than $200 million.

Meanwhile, Perpetual Funds Management excluded the media from its market update with institutional investors today. The funds manager has been doing it tough lately, losing a surprising $18 million in realised and unrealised losses in its Enhanced Cash fund. The company lost $5 million in dud subprime mortgages and has been forced to account for another $13 million in adverse interest movements which produced losses.