Leading manufacturer of high-grade carbon fibre composite components, Quickstep Technologies announces the completion of a share placement to raise over $5 million capital.
Strong investor support has enabled Quickstep Holdings Limited to raise gross proceeds of $5.030 million through a placement of fully paid ordinary shares to Australian institutional and sophisticated investors. The company’s major shareholder, Washington H. Soul Pattinson & Company Limited, participated in the placement.
New institutional investors who have joined the share register will considerably increase the company’s visibility in the market and should improve market liquidity.
According to Quickstep’s Chairman, Tony Quick, the placement will support their growing focus on delivery as they transition from the development phase in their two key areas of activity. Excellent progress has been made on qualifying the company’s new Bankstown facility to produce parts for Northrop Grumman on the F-35 Joint Strike Fighter program and for the Lockheed Martin C-130J program.
Quickstep will also focus on efficiently delivering the growing order book in aerospace manufacturing as well as increasing the sales of Quickstep systems, and use their Resin Spray Transfer process to deliver parts to key automotive customers.
The share placement follows Quickstep’s receipt of purchase orders for F-35 Lightning II Joint Strike Fighter parts announced in April, and the company’s completion of production readiness tests for its Lockheed Martin C-130J contract, on which basis Lockheed Martin has awarded Quickstep approved supplier status and authorised commencement of manufacturing of parts.
In July 2013, Quickstep secured a EUR4.2 million contract to provide space launch vehicle manufacturer ORPE Technologiya with the Quickstep Process to manufacture large-scale carbon fibre components.