The delay on Monday resulted from the Australian Securities and Investments Commission (ASIC) requesting clarification of the impact of changes to NSW coal royalties and issues related to the company’s future expansion plans.

 

Last week the NSW government announced it would abolish flat rate royalties and replace it with a value system. Many coal companies have labeled the ad valorem system opportunistic and short sighted.

 

In its supplementary prospectus, Excel estimated the new coal royalty scheme would not impact its original forecasts. The company said it had achieved contract coal price rises which are expected to more than offset any potential reduction in forecast EBITDA.

 

The profit forecast of A$41 million for FY 2005 remained.

 

Excel has extended the retail offer to close Tuesday, April 27. Listing remains on May 3.