McAleese polishes up before listing
McAleese Transport, the owner of the fuel tanker that spun out of control and killed two people in a crash in Sydney this month, has been working to fix its fleet of trucks before its planned sharemarket listing.
It is understood that three new trucks have been introduced to its fleet this week, on top of plans to inject an extra $40 million into its trucking division, to be spent over the next five years.
"Over the next few months there's going to be a procession of new trucks coming in," a source close to the company said.
The company's prospectus, which has been distributed only to large investors, shows McAleese is preparing to renegotiate contracts with two of its biggest fuel customers at the end of this year.
"The Shell and BP fuel and petroleum distribution contracts are currently subject to a tender and it is anticipated that these contracts will be awarded by the end of calendar year 2013," it said.
"Any loss of key customers or material contracts may materially and adversely affect ... revenue, profitability and growth."
McAleese was forced to delay plans to raise $155 million after NSW and Victorian authorities removed its fleet of tankers from roads following the fatal accident. So far, 89 trucks have been grounded by authorities, with NSW inspectors continuing their safety audit this week.
Doubts remain over whether McAleese can win support from investors who have expressed concerns over its safety record.
One fund manager has said there was a lot of interest in the IPO before the accident, but "people won't even want to be on the register if it comes to the market now".
But last week, a McAleese spokesman confirmed the company was still planning to push ahead with its IPO, though she would not say what the new IPO timetable was.