Perth marine safety company Mobilarm has called off its float on the Australian Securities Exchange after missing a critical deadline for processing its initial public offer funds.
The company had planned to list on the local bourse today after raising more than the minimum subscription of $5 million, with a range of institutional investors making up 50 per cent of the total amount. The ASX confirmed conditional quotation approval on December 29.
However, completion of ASX listing conditions fell outside the three month window allowed by the Australian Securities and Investments Commission following registration of the prospectus under which the IPO funds were raised.
On the expiry of the three month deadline on January 5 2010, Mobilarm was marginally short of the $5 million in cleared funds required to meet the minimum subscription set out in the prospectus.
Mobilarm executive chairman Brenton Scott said the company would now issue a fresh prospectus and move to list on the ASX in the first half of 2010.
"The events and circumstances are very unfortunate in terms of timing," said Mr Scott.
"Technically, we have no alternative but to refund the subscription amounts and issue a fresh offer document in the very near future.
"Importantly, we demonstrated the strong support from institutional and retail investors in our Company, and we are confident investors will continue to see the strong attractions of Mobilarm when we issue the new Prospectus."
