The Orbital UAV Annual General Meeting (AGM) was held at our Balcatta operations on 16 November. In addition to hearing from the Orbital Board of Directors, the AGM also provided shareholders with the opportunity to see firsthand our existing engine production lines and progressing engine development programs, via a tour of our facility.
Orbital UAV currently has two engine production lines in operation for customer Boeing Insitu, with multiple engine development programs for other defence Prime contractors progressing towards production.
On the same day, we announced a successful capital raise of A$5 million, supported by cornerstone institutional shareholders, to advance new business opportunities.
“We are delighted to have received such strong enthusiastic support from our largest shareholders and new strategic investors. This is a very exciting period for Orbital UAV as we work to convert UAV engines under development into long-term revenue producing UAV engine production supply contracts with a range of globally significant defence companies,” said Todd Alder, Managing Director and CEO of Orbital UAV.
“The continued support from UIL Limited and First Sentier, along with strong support from existing and new investors, echoes the belief and commitment of the Directors in the outlook for Orbital UAV’s business.
“Following completion of the Placement, the Company is in an excellent position to build on our established market reputation and convert our strong opportunity pipeline. The additional funding is expected to enable Orbital UAV to secure new, long term customer opportunities within the rapidly expanding global tactical UAV market,” said Mr Alder.
Under the Placement, Orbital UAV Directors also committed to subscribe to 1.2 million shares, with their investment of $240,000 subject to shareholder approval.