Maryborough listing delayed again

THE initial public offering of Maryborough Coal on the Australian Securities Exchange has been pushed back again, this time from January 28 to March 31, while the original date for the listing was early November.

Blair Price

The second extension of the offer was announced to the ASX on Friday by Tiaro Coal.

Tiaro said a second supplementary prospectus, dated January 23, had been lodged with the Australian Securities and Investments Commission.

Maryborough Coal is seeking to raise $A2.5 million via the issue of 12.5 million fully paid ordinary shares at 20c per share.

The company was incorporated on August 7 and aims to acquire a 25% stake in EPC 972 in southeast Queensland from Tiaro Coal subsidiary Tiaro Energy and to prove up a minimum 20 million tonne coal deposit.

EPC 972 covers an area of around 285 square kilometres and the company’s namesake coal project is some 250km from the Gladstone Port terminal.

No reason was given for the further extension of the Maryborough listing, but it could reflect the shaky market conditions during the ongoing financial crisis.