The payment of the third tranche of cash to Altona Resources from its Chinese investor has been delayed.
Tongjiang International Energy has a 20.9% stake in Altona. The third and final tranche of its investment was due on 30 June. Tongjiang plans to subscribe £8m at 4.85p a share in order to take its stake to 45.9%.
This third cash payment may be delayed until a proposed ASX listing and fundraising takes place in the fourth quarter of 2008. Bell Potter Securities has been appointed as broker and financial adviser for the proposed ASX flotation.
Altona has talked about an ASX listing for some months. It would certainly make sense because its Arckaringa coal-to-liquids project is in South Australia. A bankable feasibility study is being completed.
Shares in Altona fell 0.25p to 4.25p. They have spent most of the past four months below the subscription price for the third tranche of shares. Australian investors may have a better understanding of the need for the project and an ASX listing may help the shares to recover.
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