Quickstep launches $10m raising plan

Quickstep Holdings has announced a $10.3 million capital raising to fund the construction of its new headquarters and manufacturing facilities in New South Wales and support its involvement in the Joint Strike Fighter program with the United States.

Quickstep announced today it would launch a partially underwritten one for 4.25 entitlement offer to existing shareholders priced at 16 cents per share.

The company’s largest shareholder, Washington H Soul Pattinson and Company, will partially underwrite the offer for up to $5 million.

Quickstep said the primary purpose of the raising would be to establish its manufacturing facility at Bankstown Airport in Sydney, while remaining funds would be diverted to the JSF program and further development of Quickstep’s surface treatment processes.

At 10:00AM (WST) Quickstep shares were down 9.5 per cent, trading at 19 cents.