Post-merger LogiCamms to raise $10m in IPO

14/11/2007 - 15:48

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West Perth-based electrical engineering and control systems group LogiCamms Ltd aims to raise $10 million in its initial public offer, the company has announced.

West Perth-based electrical engineering and control systems group LogiCamms Ltd aims to raise $10 million in its initial public offer, the company has announced.

The business, established last month through the merger of Logitech Holdings, Logitec Consultants and Camms Group Holdings, will issue 10 million shares at $1 each to raise the money.

Funds raised will be used for working capital purposes and to help the company complete the merger.

The company is chaired by Braemore Resources Plc and Mincor Resources NL chairman David Humann, who is joined on the board by managing director Adam Keats, Peter Wall, Wayne Kirby and Garry McGrechan. Ian Hobson serves as company secretary.

Bell Potter Securities is lead manager and underwriter to the offer, while BDO Kendalls acts as investigating accountant and KPMG is auditor. Legal advice is provided by McKenzie Moncreiff Lawyers.

The offer, which opens today, will close on November 30.

 

The full text of a company announcement is pasted below

LogiCamms Limited ("LogiCamms") today announced the launch of its Initial Public Offering (Offer) of 10 million shares at $1.00 per share. The Offer is being fully underwritten by Bell Potter Securities Limited.

On completion of the Offer, LogiCamms will have 28,650,009 shares on issue and a market capitalisation of $28.65 million at the Offer price of $1.00 per share.

In its Prospectus (see www.logicamms.com.au) , LogiCamms is forecasting a pro forma after-tax profit of $3.35 million on pro forma operating revenue of $34.46 million for the year ending 30 June 2008. Pro forma earnings per share is forecast at 11.7 cents per share.

LogiCamms is a leading electrical engineering and control systems group servicing customers in the resources, energy, utilities and other manufacturing and processing sectors.

The business was established in October 2007 through the merger of two well-established and respected groups, Logitech and Camms.

LogiCamms' Managing Director Adam Keats said the ASX listing was the next logical step for the group as it pursues its growth strategy.

"Both businesses have a strong track record of delivering quality engineering services and solutions in their chosen markets. As a merged entity, they create an exceptionally robust business with national operations and the capability to service the country's largest projects," Mr Keats said.

"The funds raised through this Offer will enable us to pursue our growth strategy of expanding our existing range of services to support the needs of our existing and new clients."

"We are extremely well positioned to leverage the resources-led economic growth in Australia and are pleased to be able to offer our shares to retail and institutional investors," he said.

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