Shark Mitigation Systems debuts

12/05/2016 - 13:13

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A local company using high-tech camouflage to protect swimmers from shark attacks has made a strong debut on the ASX.

Shark Mitigation Systems' technology is designed to disrupt a shark’s ability to detect its prey, and keep the beaches safer.

A Perth company using high-tech camouflage to protect swimmers from shark attacks strongly debuted on the ASX.

Shark Mitigation Systems shares went as high as 26 cents after the company's mid-morning listing today and at midday were at 23.5 cents, up 17.5 per cent on their 20-cent issue price.

The Perth-based business has developed patented camouflage patterns that can be printed onto wetsuits and surfboards to hide swimmers or otherwise dissuade attacks from sharks.

SMS is also developing a 'clever buoy', which sends a signal to lifeguards when a shark is near.

Bob Lushey, director of Pannard Management - the third largest stakeholder in SMS - is also a director of Radiator Wetsuits, the first wetsuit company to use the SMS technology.

SMS was founded by Craig Anderson and Hamish Jolly five years ago and currently employs just four staff.

It will use additional capital from the $3.5 million raised in the listing to fund research into new products.

The $3.5 million raising was lowered from its previous target of $4 million through a supplementary prospectus in March.

 

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