Explorer’s big day out comes a buster
Nervousness among investors, companies and advisers has taken its toll on equity capital markets activity this week and cast doubt over initial public offerings pencilled in for coming weeks.
Today was supposed to be the big day for oil explorer European Energy . It had firm commitments for most of the $5 million it sought to list on the Australian Securities Exchange, but that support fell away at the 11th hour due to uncertainty after the troubles in Japan and the Middle East.
Managing director Gerald Johnson said it had been ready to list before Christmas but had decided to wait until March to give itself time to find enough investors.
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