Belgiorno-Nettis to join Tempo board

Shares in contractor Tempo Australia were up 24 per cent in morning trade after the company announced a $9.5 million placement to a vehicle controlled by Transfield Holdings co-managing director Guido Belgiorno-Nettis.

Mr Belgiorno-Nettis has been also appointed to Tempo’s board as a non executive director.

The Belgiorno-Nettis family controls engineering company Transfield Holdings, with Guido Belgiorno-Nettis and his brother Luca Belgiorno-Nettis serving as co-managing directors.

Both had previously been on the board of Transfield Services, which spun off from the parent company and was listed on the ASX, although that entity was later renamed Broadspectrum.

The placement will be made to Angophora Capital with 38 million shares to be issued at a price of 25 cents each, a 25 per cent premium to Friday’s closing price.

It’s about 15 per cent of Tempo’s issued capital, with the company flagging it would use a cash position of about $25 million to expand through both organic growth and acquisitions.

Tempo chairman Charlie Bontempo, said Mr Belgiorno-Nettis’s experience would be invaluable to the company.

Chief executive officer Max Bergomi said Tempo had some exciting growth opportunities in the pipeline.

“Angophora Capital will further enhance our ability to grow the business organically, benefitting from the experience and relationships of the Angophora team, and attract talent, whilst also pursuing strategic acquisitions,” Mr Bergomi said.