21/11/2008 - 15:55

Administrator appointed at Aluminex

21/11/2008 - 15:55

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An administrator has been appointed to Aluminex Resources by two directors of the company without the consent of the board.

Administrator appointed at Aluminex

An administrator has been appointed to Aluminex Resources by two directors of the company without the consent of the board.

The company advised the issue will be resolved shortly.

This follows from the Perth-based company delisting less than three weeks ago after a technical glitch with its initial public offer after it floated on the Australian market about two months ago.

The company said that following admission to the ASX, it may not have received cleared funds in excess of its minimum subscription amount of $2.5 million.

As a result, Aluminex said it has decided to return funds to investors that subscribed for shares under its IPO and will organise for a third party to offer to buy shares from people who bought on market over the past month.

The company said it will start refunding money within the next 48 hours.

"When the funds have been returned, the company will request the ASX to delist the company," Aluminex said in a statement.

The company listed on the ASX on September 30 following its IPO that issued shares at 40c each.

Cameron Stockbrokers were sponsoring brokers to the IPO.

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