The Inghams family has shelved plans for the initial public offering of its modular housing park company Tasman Lifestyle Continuum after it failed to secure sufficient support from investors, sources said.
Tasman was asking investors to pay $1 per share for the business, which was to own up to 11 properties accommodating 1500 tenants at separate “lifestyle villages” in NSW and Queensland.
The company was initially priced at between 13.5 and 16.5 times net profit forecasted for the 2015 financial year, valuing the business at between $109 million and $129m.
However, last week, the pricing was scaled back to 12.5 times.
The deal was being handled by CBA Equities and would have seen the Ingham family and its interests stage a complete exit from the business, with gross proceeds to be $72m.
Plans were afoot to buy more properties and for some development.
Tasman Lifestyle would have a forecasted distribution of 3.9 to 4.8 per cent.