Crash puts McAleese float on hold

McAleese Transport has indicated that plans for a $155 million public float will be delayed until after Christmas, as it deals with the fallout from a fatal fuel-tanker crash early this month.

McAleese Transport has indicated that plans for a $155 million public float will be delayed until after Christmas, as it deals with the fallout from a fatal fuel-tanker crash early this month.

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.

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