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Follow on Google News | Barminco Defers IPO on Unfavourable Market ConditionsLeading underground hard-rock mining contractor, Barminco Holdings Limited (Barminco or the Company) announced today it has deferred the launch of an initial public offering of shares in the Company (IPO) due to volatile market conditions.
By: Bang Online Barminco has been exploring the possibility of an IPO following the announcement of a strategic review of the Company in February this year; however the Company has elected to temporarily defer the IPO until more stable market conditions exist. Barminco Chief Executive Officer Neil Warburton said while the company received strong interest from potential investors both locally and overseas, the decision to temporarily defer the IPO was driven by broader market volatility and macro financial issues affecting sentiment in global markets. “We had excellent engagement and response with potential investors both here and abroad, and received very favourable feedback regarding the Company, the management team, growth opportunities and the mining industry in which we operate,” Mr Warburton said. Mr Warburton said Barminco remained financially robust and that 2011 financial year earnings are expected to exceed expectations, with further strong revenue and earnings growth in FY 2012. Barminco has an extremely strong order book with approximately 98% of the Company’s FY12 revenue forecast underpinned by current contracts and awarded projects. End
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