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Orbital Corporation was founded as an engine innovation company.

Orbital in $10m note issue

Engine technology developer Orbital Corporation plans to raise $10 million via a convertible note issue to fund its acquisition of electrical product manufacturer REMSAFE.

It follows Orbital’s announcement in November that it would acquire a 50 per cent stake in the company, which is developing a high-voltage isolation product for bulk-handling mining operations.

REMSAFE, which will relocate to operate with Orbital in Balcatta, is creating the product to improve safety during repairs and stoppages, and increase productivity through reductions in off time.

Orbital said REMSAFE, which had existing contracts with Rio Tinto, BHP Billiton and Fortescue Metals Group at the time of the acquisition, required working capital as it pursued expansion into oil and gas, rail, power distribution and industrial applications.

The note issue will need shareholder approval and will be managed by Azure Capital, which will receive up to 2 million Orbital shares in payment.

Orbital was unchanged at 31 cents per share at the time of writing.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/01/18

1 year TSR5 year TSR
394thMustera Property Group9%0%
528thMCS Services-11%-8%
585thAtlas Pearls and Perfumes-21%-9%
755thOrbital Corporation-53%8%
795thDTI Group-67%0%
709 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

06/11/17
$100k Bought
12/10/17
$100k Bought
10/10/17
$0 Other
Total value as at the date of the transaction
Source: Morningstar

Revenue

73rd↓Atlas Pearls and Perfumes$18.2m
74th-MCS Services$18.1m
75th↓Orbital Corporation$17.7m
76th↑Mustera Property Group$17.5m
77th↓DTI Group$17.1m
234 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Orbital Corporation

185thTerry Stinson$586k
38thJohn Welborn$120k
Ranked by total remuneration from all listed WA companies

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