Stock Spotlight - Storm Financial

Storm Financial will not be floating due to lack of institutional support; the news report is below.
-By Lyndal McFarland, Dow Jones Newswires; 61-2-8235-2957;

Australian financial advisory group Storm Financial said Friday it has abandoned plans for an initial public offer due to volatility in global financial markets, but it may reconsider plans for listing after conditions improve.    "The decision to not proceed is the result of current market conditions and the likelihood of the offer proceeding at terms deemed unacceptable to the shareholders of Storm Financial," the company said in a statement.

The company had expected to raise up to A$172.8 million and list on Dec. 11, according to the Australian Stock Exchange.   Storm Financials chairman and joint chief executive,  Emmanuel Cassimatis, said that significant events in financial markets had created an unfavorable environment for the offer.

"Recent events which are outside the company's control, combined with ongoing market volatility, have unfortunately worked against Storm and created the situation where we are not able to proceed with the offer," he said.  "Despite subdued institutional investor support, the Eligible Investor element of the Offer was well received and was oversubscribed," he said.

"We will monitor market conditions closely in the New Year and we intend to reconsider an IPO for the company when financial conditions improve," Cassimatis added.