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Float goes belly-up as investors shun Global Ethanol mix
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Float goes belly-up as investors shun Global Ethanol mix
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Newspaper Article
Float goes belly-up as investors shun Global Ethanol mix
2006
Overview
Less than a month after unveiling the proposed float, chief executive Trevor Bourne described the cancellation as \"disappointing\", but said he still hoped to proceed with a listing since about 90 per cent of the stock had been reserved. Mr Bourne said he learned on a flight from San Francisco to Brisbane that two key overseas investors had dramatically reduced their exposure to the company after being spooked by sharemarket fluctuations, including this week's 30 per cent share price plunge of engineering group Downer EDI. He denied reports that Investec had been unhappy with the price offered for the stock. \"They are keen to get the offer off. It's purely market-driven,\" Mr Bourne said. An Investec spokesman declined to comment.
Publisher
Nationwide News Pty Ltd
Subject
