2015 was the world’s worst year on record for unprovoked shark attacks according to The International Shark Attack File.This statistic has prompted Perth based Shark Mitigation Systems to float (SMS) its much talked about business on the ASX with the company prospectus now on the streets. SMS will raise $4m at 20c a share in a traditional IP
2015 was the world’s worst year on record for unprovoked shark attacks according to The International Shark Attack File created by the University of Florida and internationally recognized as the definitive source of scientifically accurate information on shark attacks.
This statistic has prompted Perth based Shark Mitigation Systems (SMS) to float its much talked about business on the ASX with the company prospectus now on the streets.
SMS, in conjunction with the University of WA have developed some unique thinking via a range of scientific research into just how sharks see and detect their prey.
The company says its research shows that sharks only see in contrasts and that surfers wearing all black or monotone dark wetsuits are at risk of being mistaken for a seal or some other more appetizing prey.
SMS have designed a range of wet suits cleverly pieced together to make a shark think it is a dangerous or unpalatable thing by including specific contrasting colours in a particular patented format within the design.
The company says that sharks may be put off by the presence of its proprietary contrasting colours and shapes known as “SAMS’ and they are even looking to include them on other items such as dive tanks, surf boards and other ocean related products.
Whilst the striped, contrasting wet suit has been specifically designed to stop surfers and swimmers from silhouetting against the sky from below, SMS has also developed another wetsuit product for divers that are swimming below the surface.
The second wetsuit has been created to camouflage a diver by using the same colour spectrum as water, thereby making it difficult for a shark to visibly detect its wearer.
SMS, which already has revenues, has been busy licensing its wet suit designs to suppliers around the globe including large Fremantle online retailer “Radiator” and one of the world’s biggest swimwear suppliers, European based Arena .
The company has also managed to develop a second shark related product known as “Clever Buoy”.
Clever Buoy is an electronic marine buoy that has been taught to understand the swimming patterns of marine life over 2m in length.
It can be deployed at popular swimming beaches and is capable of sending a signal to the shore if it detects marine life swimming like a shark.
With a role call of partners such as Optus and Google and a trial deployment at the famous Bondi Beach, this one is sure to attract a lot of international attention.
Interestingly The International Shark Attack File nominates Australia as the second most prolific country in the world for shark attacks which may explain the move to list on the Australian Securities Exchange rather than others around the world.
In a departure from the well worn path of back door listings, Shark Mitigation Systems will kick the front door in with a traditional 20c IPO to raise $4m via lead manager Alto Capital.