Mystery surrounds Priority One Network Group’s planned listing on the Australian Securities Exchange, after the application was withdrawn.

The company, which has Insured Group as a shareholder, planned to list last Wednesday after completing a $15 million capital-raising.

Insured Group’s stake is independently valued at $2.5 million, but proceeds from any share sale are covered by a deed of settlement with St George Bank, as security for a $3 million loan.

The debt is due for settlement on April 30, and Insured Group has made no statement on an extended repayment date.

Priority One is also a 16.6% shareholder in Insured Group, while JLT Australia is a supplier of insurance to cardholders in the scheme.

An amendment notice issued by the Australian Securities and Investments Commission regarding the Priority One prospectus says if shares are not listed within three months of the prospectus date, applicants have a month to withdraw their application and be repaid.

The opening date for the offer was February 19; it was supposed to close on March 28.

InsuranceNEWS.com.au called Priority One’s Melbourne office to clarify the offer’s status, but no one answered.

A call to sponsoring broker D2MX in Melbourne generated no response.