Martin Aircraft extends IPO for offshore investor

http://www.theaustralian.com.au/bus...ffshore-investor/story-fnjw8txa-1227138586811

NEW Zealand-based Martin Aircraft has extended its IPO offer period by two weeks, awaiting a potential significant investor to commit in the up-to-$25 million float.

The IPO offer period was supposed to close today, but Martin Aircraft said it was still in discussions with a potential significant investor.
“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 company said in an emailed statement.
The investor approached Martin Aircraft about 10 days ago, and then requested to have more time to assess the opportunity.
The board intended to close the IPO immediately if the investor decided to invest during the extended period, the company added.
Martin Aircraft did not disclose the identity of the investor, but it is understood to be an overseas-based company which will likely commit a significant amount of investment.
Martin Aircraft also expects to use this investor’s statement as a strong statement to the market, trying to persuade investors with a solid investment thesis in an IPO that is meant to commercialise its Martin Jetpack.
The jetpack, named one of Time magazine’s top 50 inventions for 2010, can be flown by a pilot or via remote control, and can be used in emergency situations that helicopters can’t get into.
The company is selling up to 50 million shares at 50c each.