MCS in today's AFR Street Talk

• STREET TALK
  • Jul 12 2016 at 12:15 AM
    
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  Potential investors have been asked to take another look at Mark Rowsthorn's McAleese. Chris Hopkins
  • by
    
  • Sarah Thompson
    
  • Anthony Macdonald
    
  • Joyce Moullakis
  
  Just when fund managers thought they had seen the last of Mark Rowsthorn's trucking company McAleese, they've been asked to have one more look.
  
  It's understood investment bank Moelis & Co has been in the market in recent days, seeking support for a $20 million-odd senior secured debt raising, as part of the company's recapitalisation plan with SC Lowy.
  
  Potential backers were told the senior secured debt could earn a 15 per cent internal rate of return - which is nothing to be sneezed at. Although McAleese's track record means investors will take a fair bit of convincing to part with their hard-earned cash, once again.
  
  McAleese listed at $1.47 a share in November 2013 and after a number of scandals and a steep drop in its operating businesses across the country, the shares closed at 2.1¢ on Monday.
  
  
  The Moelis-advised company has an agreed restructure deal with SC Lowy, which requires a $26 million convertible notes issue. There are a bunch of shareholders pushing for an alternative deal, although it remains to be seen whether anything will come of their efforts.
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
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