Vortex seeking to relist on ASX

09/02/2012 - 15:50

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Wangara-based Vortex Pipes has requested reinstatement of its shares on the Australian Securities Exchange, after entering a refinancing agreement with Carmichael Corporate.

The funding agreement will see Vortex raise $1.65 million through a series of convertible loans to repay outstanding debts to creditors and provide general working capital.

Vortex shares have been suspended from trading for the past two years , but the company said it had continued to supply its existing customers and it recorded modest sales.

Its main business is its Shieldliner technology, which allows pipes to be re-lined without removing them from the ground.

“With the finalisation of its new funding arrangements, the company will now be seeking to recommence the active development and exploitation of its Shieldliner pipe relining technology,” Vortex said in a statement to the ASX.

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