Aluminex to delist after technical fault

Less than two months after it floated on the Australian market, Perth-based Aluminex Resources will delist after a technical glitch with its initial public offer.

In a statement today, 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.

Shares in Aluminex have been placed in a trading halt, and last traded at 7.5 cents.

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.

Calls to Aluminex were not returned at time of publishing.