Powerlan closer to ASX nirvana

Powerlan closer to ASX nirvana

Powerlan's public float investment plans edged closer to fulfilment last week when it released its prospectus and announced it intends to raise $25 million.

The company will offer 25 million shares at $1 each as part of its bid to become one of the first resellers to successfully evolve into a publicly owned services-dominated business (ARN, July 21, page 1).

The company's managing director, Theo Baker, said he doesn't anticipate the ASX listing will significantly change the company's management outlook, but it has taken him around six months to get used to the idea.

"I know the feeling in the organisation is one of excitement," he said.

Powerlan's prospectus states the company is forecast to report revenue of $60 million and an after-tax profit of $5.9 million in the 1999 financial year.

The company plans to achieve profits of $9.7 million for the year 2000. In addition, Baker said the company aims to achieve a dividend of 5 cents per share, or a yield of 5 per cent in 2000.

The float will be underwritten by KTM Capital, which is where investors can get a copy of the prospectus, Baker said.

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