“People obviously understand the opportunity that’s in front of us,” Mr Dingle said. “From an operational point of view, the listing doesn’t change anything. We’re just getting on focusing on the day-to-day running of the business.”
Mr Dingle declined to give a monthly rundown on production numbers of the carbon fibre wheels manufactured at a plant on a campus of Deakin University in suburban Geelong, but said the group was on target for annualised capacity of almost 32,000 wheels by June 2020. “We’re currently on track for that,” he said.
Carbon Revolution’s high-performance wheels are about 40 per cent lighter than normal wheels and its $90 million float was undertaken to raise funds to substantially lift production capability. The group supplies wheels to carmakers including Ford, Ferrari and Renault…
Carbon Revolution pays an annual rent of $800,000. Deakin, which owns a 6.6 per cent stake in Carbon Revolution, is one of the biggest shareholders in the company. Deakin has been integral to the company’s development through the university’s materials science research and development arm.
Carbon Revolution is also developing carbon fibre wheels for aircraft that are 30 per cent ligher than the current forged aluminium wheels used in aviation. The latest leasehold deal for the factory was signed in 2018 and stretches for 10 years. There is a right to renew for a further two five-year terms beyond that.
About 85 per cent of Deakin University’s 6.6 per cent stake is under voluntary escrow until December 1, 2020. Deakin University chief financial officer Kerrie Parker said there was a long-standing relationship between the two, but she bypassed questions about the specific intentions for the stake beyond the escrow period. Ms Parker said: “Carbon Revolution has been, and continues to be, a great partner to Deakin, as we have been to Carbon Revolution. “We have a long history and ongoing commitment with them, and we’re excited about the successful IPO and the long-term prospects for this Geelong success story.”
The Victorian government has a 4.3 per cent stake in Carbon Revolution following the conversion of convertible notes. That holding is under a mandatory escrow period ending in the second half of 2020.
https://www.afr.com/companies/trans…s-to-be-like-csl-and-cochlear-20191203-p53g9d
I notice Mirrabooka (MIR) has a stake – probably bought in at the IPO
Be the first to comment