AnaeCo reduces IPO target to $3m

Bentley-based alternative waste technology company AnaeCo has reduced the minimum subscription level of its initial public offer from $5 million to $3 million, and extended the offer closing date to January 11.

The company was aiming to raise up to $8 million by October 31 via the issue of 20 million shares and a further 12 million shares in oversubscriptions to fund its share of the construction costs of its first waste treatment facility.

It will now offer up to 12 million shares at 25 cents each to raise $3 million. AnaeCo will again accept oversubscriptions up to a maximum 12 million shares, to raise an additional $3 million.

AnaeCo is chaired by former ABN Amro Australia managing director Jerome Rowley, with Thomas Rudas serving as managing director. They are joined on the board by executive director Richard Rudas and Michael Dureau in a non-executive capacity.

The planned facility, to be built for Perth's Western Metropolitan Regional Council in Shenton Park, will process 55,000 tonnes per annum of household waste.

The deal's underwriter Martin Place Securities Pty Ltd has advanced $2 million.