MJP IPO not going to plan?

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MJP IPO not going to plan?

Postby aardvark_admin » Sat Nov 29, 2014 1:08 pm

It looks as if the Martin Aircraft Company's IPO is not going as well as they'd hoped -- perhaps savvy investors have read my comments.

Here's the latest press release from them and shows that they've extended the offer period. Somehow, the reason given just doesn't pass the sniff test.

Martin Aircraft Company extends IPO Offer Period

The Initial Public Offering ("IPO") for Martin Aircraft Company Limited (“Martin Aircraft”or “Company”) was due to close today; however, Martin Aircraft is in ongoing discussions with a potential significant investor into the IPO, and while there is no guarantee that the investor will ultimately subscribe for shares, the Board considers it prudent in the circumstances to extend the offer for a further two weeks to allow these discussions to continue.

The IPO will now close at 5.00pm (Sydney time) on Friday 12 December 2014. However, the Company reserves the right to further extend the IPO, to vary the terms of the IPO, or to close the IPO early or at any time without further notice to any applicants. The Company will advise the revised issue date for shares, date for despatch of holding statements and ASX listing date once the IPO closes.

It is the Board’s current intention to immediately close the IPO if the significant investor subscribes for shares during the extended period.

Martin Aircraft is offering up to 50 million Shares at an issue price of A$0.50 / NZ$0.55 per Share to raise up to A$25.0 million.
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