Quickstep placement raises $3m for Indian joint venture

Western Australian-based composites technology developer Quickstep Holdings Ltd has completed a placement of 14.5 million shares at 21 cents per share, raising $3 million in an offer that closed early and fully subscribed.

The funds raised will be applied towards establishment of the Quickstep/NTF/Avanti joint venture manufacturing facility in India; commercialisation of the recently acquired Flatout Boats business initially through the establishment of a new
manufacturing facility in Perth; the pursuit of other manufacturing opportunities and for working capital purposes.

The placement was made to institutional and investor clients of the sponsoring broker, State One Stockbroking Ltd.

It was well supported by a range of investors, including the Companys existing institutional investors.

The new shares to be issued under the placement are expected to commence trading on ASX on 19 July 2006, ranking equally with existing Quickstep shares.