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Quickstep to raise more funds

written by australianaviation.com.au | December 1, 2009

WA based composites manufacturer Quickstep Holdings has announced that it will raise $17.7 million to fund the expansion of its production facilities to meet a new contract to produce parts for the F-35 Joint Strike Fighter.

The company plans to raise $17.73m in both a share purchase plan and a placement to institutions and sophisticated investors. The share purchase plan will open on December 14 and close on January 6, while the shares will be issued from January 15.

Quickstep says it will use the funds raised to acquire equipment for its North Coogee production facility. The company signed a memorandum of understanding with Marand Engineering and Lockheed Martin in November, which is expected to turn into a long term production agreement by March 2010 to produce 21 parts for the JSF.

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