EMERGING technology company Advanced Powder Technologies has adopted a new name and rejigged its ownership as it moves toward an Australian Stock Exchange listing.
The company is now known as Advanced Nanotechnology, which was formerly the name of its research joint venture with Korean company Samsung Corning.
Business development manager Brian Innes said the new name better reflected the activities of the Welshpool-based company, which is developing a range of industrial and commercial products based on nano-technology research at the University of Western Australia.
It is best known for developing the technology behind supermodel Megan Gale’s clear sunscreen product.
Mr Innes said the role of the joint venture with Samsung Corning was to take the company’s technology from the laboratory to commercial launch, and it had achieved that goal.
Meanwhile, Sydney stockbroker KTM Capital is working towards finalising a $6 million to $8 million capital raising ahead of Advanced Nanotechnology’s ASX listing, which is believed to be scheduled for early next year. This follows several smaller capital raisings over the past four years.
As part of the float preparations, private equity fund Hawkesbridge has sold its 35 per cent shareholding to institutional investors.
Hawksbridge managing director Warren Riddell said the company was pleased with the price it received for its stake.
He said the sale also helped Advanced Nanotechnology by giving it a wider shareholder spread and removing the large stock overhang that would have arisen if Hawkesbridge retained a large stake at the time of listing.
UWA and Samsung Corning are now Advanced Nanotechnology’s largest shareholders.
