My ATM may try again for listing
Friday afternoon update: ASIC advise that there is an extended stop order in relation to the prospectus for My ATM Holdings rather than a final stop order, as recorded (erroneously) in the ASIC OFFERlist database for several days this week.My ATM says it will have another shot at listing on the Australian Stock Exchange after the securities regulator blocked its most recent effort. ASIC placed a permanent stop order on the prospectus of My ATM Holdings Limited on Friday.The firm was seeking to sell at least $4 million and as much as $10 million in new shares for a minority stake in the company.ASIC cited concerns over a shortfall in working capital (which the sale of new shares in part aimed to address) as well as the treatment of goodwill.The company's now modified practice of promoting investments in single ATM sites with a promise of "guaranteed" returns has also attracted controversy.Questions were also being asked over My ATM's plans to expand its business in New Zealand, and how they conformed to the requirements of Paymark, the primary switching provider in that market.MyATM's chief executive, Tim Scala, told The Age that it was working to respond to ASIC's concerns and planned to issue a replacement prospectus.Novus Capital Ltd was the sponsoring broker for My ATM. Rundle Capital Partners Pty Ltd was the corporate adviser. PKF Business Advisers Pty Ltd was the firm's accountant.