SkyCabs cancels share market float

SkyCabs International has pulled its $31 million stock market float after failing to interest investors in developing a monorail system that allows travel in both directions.

The initial public offer of shares was to fund the construction of a demonstration track from which eight-seater motor-driven cabs hang, allowing travel in both directions on a "monobeam".

The company was trying to keep the project in New Zealand via the share market listing.

It offered 50c shares with a minimum individual subscription of $2000, payable in two instalments.

The company said today it failed to raise a minimum $15 million and investors money would be sent back to them.

"The directors wish to thank each of the investors for their evidence of support and regret they were not able to take part in the SkyCabs endeavour at this stage."

SkyCabs International will now look into making a smaller demonstration track and will follow up leads on funding from international investors.

- NZPA