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Interim stop order on Eneabba

The Australian Securities and Investments Commission has placed an interim stop order on float hopeful Eneabba Gas, which is seeking to raise $12.5 million from investors. ASIC did not explain the reasons for the interim stop order, which followed two reports in WA Business News raising various issues with Eneabba’s prospectus claims. These included a recent decision by the state government’s Economic Regulation Authority to cut “reserve capacity” prices by nearly 20 per cent. Eneabba stated in its original prospectus that its project would be underpinned by these payments, which are paid by the Independent Market Operator and designed to ensure the state has sufficient electricity generation capacity. Eneabba chairman Reg Gillard played down the significance of the price cut. He told WA Business News last week that he did not believe it was necessary to include the new information about the reserve capacity price changes in a supplementary prospectus.

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