Crash puts McAleese float on hold
Authorities have removed 89 of McAleese's trucks from roads in NSW and Victoria while inspectors do a safety audit.
McAleese chairman Mark Rowsthorn said on Wednesday that ensuring the company adopted a "zero-tolerance" approach had taken precedence over its planned sharemarket listing.
Asked whether it would carry out the initial public offering before Christmas, Mr Rowsthorn said: "We're not really thinking about that at the moment."
The company has repeatedly targeted November for the float.
Mr Rowsthorn said McAleese held a board meeting on Monday to talk about improving fleet safety.
"The capital raising, whether it's in private equity or public hands, is yet to be determined - we will get to that," he told a Financial Review and Macquarie Group transport forum in Sydney. "Clearly we won't be asking any of our future investors to pay for the cost of the incident."
The cause of the accident was unlikely to be known for weeks, if not months, he said.
Frequently Asked Questions about this Article…
McAleese Transport has delayed its $155 million public float due to the fallout from a recent fatal fuel-tanker crash. The company is prioritizing a 'zero-tolerance' approach to safety over its planned sharemarket listing.
Authorities have removed 89 of McAleese's trucks from roads in NSW and Victoria to conduct a safety audit following the fatal crash.
McAleese Transport is currently focused on improving fleet safety and ensuring a 'zero-tolerance' approach to safety issues, which has taken precedence over their initial public offering plans.
McAleese had repeatedly targeted November for its public float before the delay caused by the recent crash.
McAleese's chairman, Mark Rowsthorn, mentioned that they are not currently thinking about the IPO timing and that the capital raising, whether through private equity or public hands, is yet to be determined.
No, McAleese's chairman assured that future investors would not be asked to pay for the cost of the recent incident.
At the recent board meeting, McAleese discussed improving fleet safety as a priority following the fatal crash.
The cause of the accident is unlikely to be known for weeks, if not months, according to McAleese's chairman.
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