22/07/2003 - 22:00

Floats on hold, again

22/07/2003 - 22:00

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A NUMBER of floats planned to hit the Australian Stock Ex-change later this month have been put on hold. Oilex NL was due to float on July 25.

Floats on hold, again

A NUMBER of floats planned to hit the Australian Stock Ex-change later this month have been put on hold.

Oilex NL was due to float on July 25.

The oil explorer’s non-executive chairman and company secretary Max Cozijn told WA Business News that the company’s offer – aiming to raise $3 million – has been put back until at least August 22.

Mr Cozijn said the company had set a minimum on the capital raising of $2.6 million.

Berkeley Resources, the company due to float on the following day to Oilex has also held off its float. It has had some corporate ructions with Brian Smith leaving the chair and tax-effective, mining and renewable energy player Ian Middlemas replacing him. Apollo Group director Mark Pearce has joined as both a director and company secretary.

Its float is now expected to happen around the end of September. However, the company’s ASX ambitions have been put on hold several times.

Berkeley is seeking to raise $4.6 million but managing director Peter Batten said it would settle for $3.092 million.

Gleneagle Gold is another company that has had its stock market push slowed. It had planned to list on July 11 to raise $5 million. It is now hoping to list on July 25.

Gleneagle managing director Ian Prentice said the company had a minimum of $4.5 million on the float.

Chameleon Mining NL is still in the "to be advised" column in the WA Business News Exchange Update. 

On the plus side, Financial Resources Limited, which plans to rename itself Transact Limited once listing formalities are completed, has had a stellar run with its raising.

Its offer was oversubscribed well before its closing date of July 22.

Its managing director Barry Samuels said the level of interest in the company in the past few days had been enormous.

Financial Resources plans to raise $1.45 million.

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