WindTurbine seeks ASX listing

A Wangara-based renewable technology company is seeking to list on the ASX through the reverse takeover of dormant Perth company Axxis Technology.

Axxis will pay $1.5 million in shares to acquire WindTurbine, which is developing vertical micro wind turbines.

The company is finalising in-field testing and expects to begin selling its products during the third quarter of the year.

WindTurbine has also been working with the University of Western Australia for the testing of its wind turbine designs, and will continue to collaborate on blade efficiency design.

As part of the reverse takeover, Axxis will undertake a minimum $4 million capital raising at no less than 5 cents a share, in order to comply with ASX re-listing rules.

The proceeds from the raising will be used to assist in commercialising WindTurbine’s products.

The deal is expected to close in September.

WindTurbine was established in 2015 by Wangara-based Bohr Industries, which has a diverse collection of interests including mining, artificial grass and land development.

Axxis shares have been suspended from trade since September last year.

The company has undergone numerous name and industry changes since it became a public company in 1986 under the name Tennyson Networks.

The Axxis board was reshaped early this year with the appointment of corporate adviser Jeremy King, who also sits on the board of  Aquaint Capital Holdings, which is in the midst of a backdoor listing of recruitment technology business Schrole Group.

Its board also includes Eddie King, who sits on the board of local companies Drake Resources, Cabral Resources, Lindian Resources and Western Mining Network.