27/11/2007 - 22:00

ACCC blocks natural nappy IPO

27/11/2007 - 22:00

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ACCC blocks natural nappy IPO
ASCOT-BASED SeNevens International Ltd, the company behind the Safeties Nature Nappy, has revealed that it is the subject of an Australian Competition and Consumer Commission investigation. The issue emerged when SeNevens issued a supplementary prospectus for its $2.2 million float, which it said had been delayed for a week. A SeNevens spokesperson could not elaborate significantly on the nature of the ACCC’s inquiry, adding only that the watchdog had sought historical marketing information and claims about biodegradability relating to a complaint emanating from Tasmania. In its original prospectus, SeNevens also revealed litigation with a former, unnamed, CEO who had claimed one year’s fee amounting to $263,780 over a terminated consulting agreement. The company is seeking up to $5 million to market and develop its environmentally friendly nappies and other non-woven products.

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