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January 20, 2011, 6:36 am


The West Australian

Struggling oil and gas contractor Neptune Marine has missed another deadline, this time failing to lodge the prospectus for its last-ditch capital raising.

Neptune announced last night the prospectus for the $80.6 million equity raising, which was due to be released yesterday, had been pushed back because "a small number of issues regarding the raising have yet to be finalised".

Neptune is aiming to raise at least $60 million by way of a three-for-one rights offer to its 12,000 shareholders at 6 a share, a 71 per cent discount to its last sale price of 20.5. The group faces collapse unless it can muster support for the raising.

A spokesman for Neptune said the group was finalising particulars with the joint lead managers for the raising, Patersons Securities and Euroz Securities, and lawyers Norton Rose.

Neptune said the issues would be resolved in the "very near future" although the spokesman could not confirm whether the prospectus would be released by the end of the week.

Neptune said the delays would not affect the February 24 closing date for the rights issue.

"Neptune is mindful of the desire of all shareholders to see the offer completed and the company's securities reinstated to trading as soon as possible," it said.