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Fairfield latest company to pull float
Wed, 08 Feb, 2012
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Fairfield latest company to pull float
Thu, 15 Jul 2010, 07:20:00
Oil and gas explorer <b>Fairfield Energy</b> has postposed its planned $500 main market listing, citing difficult market conditions. "Fairfield today announces that, in the light of market conditions, it has decided against proceeding with its initial public offering of shares and listing on the main market of the London Stock Exchange at this time," the group said in a short statement. The Telegraph is quoting unnamed sources close to the company as saying that the board would most likely delay the listing after a difficult last day of book-building. The group, which focuses on operations in the UK Continental Shelf (UKCS), planed to raise between $450m and $500m to increase production at the Dunlin, Dunlin SW, Merlin and Osprey fields. Other companies have also recently struggled to attract investors, with iron ore miner <b>Ferrous Resources</b> scrapping its plans to float last month, while India-focused energy company <b>Essar Energy</b> raised much less that it initially hoped in May. The next big company to come to the market is online food retailer <b>Ocado</b>. Earlier this week, the group's auditors raised concerns about whether the business can continue without substantial investment. Ocado, which delivers products from the high-end supermarket Waitrose, is intending to float at the end of this month at around £1bn and is seeking to raise about £200m. However, auditors for the company, which has failed to post a pre-tax profit despite strong sales, said there was uncertainty over the company's ability to continue as a 'going concern' without the £200m fundraising.
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