Resource News

Mastermyne lodges prospectus for $40m IPO

MINING services company Mastermyne Group said today it plans to offer 40 million shares at $1 each to investors, representing 55 per cent of the private-equity owned firm, under its planned initial public offering.

The Queensland-based coal mining services company that is owned by CHAMP Ventures and its management, said in a statement it has lodged a prospectus with the Australian corporate regulator that will offer shares between April 12 and April 29, ahead of a listing on the Australian Securities Exchange.
The company said its offer, fully underwritten by Wilson HTM, would include offers to the public, its employees, institutional investors and a broker firm offer.

Mastermyne is forecasting earnings before interest tax and amortisation to rise by 12 per cent to $12.2 million in fiscal 2010 and then by 20 per cent to $14.7m in 2011.

The company plans to list on the ASX on May 7…read more at The Australian