Group says report that the Cootes safety issue has led it to hold off imminent market debut is speculative
October 10, 2013
McAleese Group continues to keep its stock exchange listing cards close to its chest, despite a media report that the safety issues affecting its tanker business, Cootes, has led to a delay.
The Sydney Morning Herald has quoted named and unnamed fund managers as saying the initial public offering (IPO)
had been delayed following the truck fire and regulatory and compliance action from state road authorities that grounded much of the Cootes fleet over the past week.
The IPO has so far been expected by the end of the month.
Bar describing the report as “speculative at this stage”, a McAleese representative would make no comment on the company’s listing intentions.
Neither was the prospect of or rate at which Cootes might regain its trucks after repairs addressed.
One fuel supplier customer, BP, still has one-third of its distribution resources missing due to truck groundings and repairs.
Meanwhile, state transport ministers seem in no hurry to respond publically to New South Wales Roads Minister Duncan Gay’s call for a review of the National Heavy Vehicle Accreditation Scheme (NHVAS) to be agreed at the Standing Council on Transport and Infrastructure (SCOTI).
The only reply to ATN queries so far has come from Adelaide.
“South Australia will consider the NSW request for a review of the National Heavy Vehicle Accreditation Scheme as part of the SCOTI process,” was all a spokesman for SA Transport and Infrastructure Minister Tom Koutsantonis would say.
Cootes has 34 prime movers and 59 trailers based in in South Australia.
“These vehicles are currently off the road while the company conducts an independent audit with the assistance of DPTI,” a state Department of Planning, Transport and Infrastructure spokesman says.
