McAleese spruces up fleet before IPO
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 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," one source close to the company said.
According to the company prospectus, the division to which the destroyed fuel tanker belonged - McAleese Oil & Gas - accounts for 28 per cent of McAleese's revenue.
The prospectus, which has only been distributed to large investors, also 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," the prospectus said.
"Any loss of key customers or material contracts may materially and adversely affect McAleese Group's revenue, profitability and growth."
McAleese was forced to delay plans to raise $155 million from investors after NSW and Victorian authorities removed its fleet of tankers from roads after the fatal accident in Sydney.
Eighty-nine 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 serious concerns over the company's 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.
McAleese could not be reached for comment on Thursday.
To date, 302 heavy vehicles have been inspected in NSW, with 244 defects notices issued.
"Most heavy vehicles with defects have been repaired or are undergoing repairs," a NSW Roads and Maritime Services spokesman said on Thursday.
"Once these vehicles are repaired and declared safe they can return to service."