Transfield rattles tin NO MATTER how hard Transfield Services rattles the tin, it just can't get a much-needed placement over the line.
The company has been suspended for a fortnight and last traded on November 7 — when the share price tanked 24%, from $4.60 to $3.50.
Transfield, which provides maintenance services to the mining industry, tried to get a $265 million placement over the line at between $1.80 and $2.20 a share. That failed.
It then tried to raise $200 million at $1.50 a share, with Macquarie Bank and ABN Amro as the joint lead managers. Yesterday, that capital raising was also pulled, due to a lack of takers.
"Please be advised Macquarie has withdrawn all bids for the Transfield Services placement (including Tolhurst's bid)," read an email from broker Tolhurst to clients. "The company is expected to launch a revised offer shortly."
TSE Price at posting:
$2.38 Sentiment: Hold Disclosure: Not Held
