McAleese accelerates towards listed status

Bulk haulage firm's shares to begin trading on December 2, as Telford's safety review of Cootes starts

McAleese accelerates towards listed status
McAleese accellerates towards listed status
By Rob McKay | November 11, 2013

McAleese Transport has forged ahead with its initial public offering (IPO), with 113 million shares on offer and the company to start trading on the Australian Securities Exchange on December 2.

The share offer to institutional investors closes tonight and it is expected retail investors will get their chance mid-next week, with the amount of shares to be determined by tomorrow.

McAleese is seeking $166 million with shares priced at $1.47 each instead of the $1.65 shown in the original prospectus to shield new investors from the outcome of the Mona Vale crash related to tanker subsidiary Cootes.

That tragedy is expected to result in $11 million in one-off costs.

Newly appointed non-executive director Don Telford is understood to be meeting tanker company staff this week as his safety review gets underway.

It is understood that no staff have left Cootes as a result of the crash and its aftermath.

The Mark Rowsthorn-chaired firm is expected to remain about 60 per cent owned by senior management.

Little change in that majority holding is foreseen in the near future.

Confirmation of the stock market float ends a process that has progressed in fits and starts over about 18 months.

Plans last year were delayed due to market conditions and the Mona Vale crash is believed to have delayed the move last month by two weeks.

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