Stealth Global Holdings Ltd (ASX:SGI), a company chaired by former Seven West Media Western Australia chairman Chris Wharton, has made its stock market debut.
Perth-based Stealth has been trading within two cents, or 10%, of its 20-cent issue price since it made its premiere yesterday on the Australian Securities Exchange.
The company, previously known as Stealth Global Industries, had delayed a September 19 proposed debut and began trading on the ASX yesterday with its first trade being 41,000 shares that changed hands for 19.5 cents apiece.
Stealth’s shares closed at 20 cents yesterday with another 410,000-share trade.
Two share parcels have changed hands since the debut trade of the company.
A number of trades have taken place today and include 188,500 shares traded for 19 cents and 288,500 shares for 18 cents.
Stealth Global’s well-known chairman retired from Seven West’s WA business in March 2017 after a merger of WA Newspapers, Seven group and the former News Limited mainstay The Sunday Times.
A new life
Long-time Stealth group managing director & CEO Michael Arnold joined the company in August 2013, enjoying a tenure of five years and three months.
Arnold was previously executive director and chief operating officer for ADG Global Supply Limited and has held a number of senior roles, including as managing director and CEO role for an Australia Post joint venture known as Lakewood Logistics Group.
Stealth MD Arnold told Finance News Network a month ago the company had traditionally looked after the construction engineering, general trade and manufacturing industries but now targeted a “host of industry sectors”.
It has 3,000 customers, 1,500 suppliers in 17 countries and a product line of about 500,000 items.
Rattling the tin for an acquisition
The company had rattled the tin for $12.5 million, with $7.75 million earmarked for a buy-up of a 30-years strong company known as Heatleys Safety and Industrial.
While the WA-based company located in Perth suburb Stirling had expected to list last month, it delayed its debut until after its September 27 Heatleys acquisition.
Stealth expected to use the remaining funds on working capital for stock so it could progress is expansion plans in Australia and overseas.
Shareholders join registry
Capital Drilling (Mauritius) Ltd was declared a substantial shareholder yesterday, holding a 12.18% voting power with 11,558,902 directly held securities.
Stephen Robert Bushell was also announced a substantial shareholder yesterday, holding a 5.33% voting stake with 5,058,902 securities.
Stealth’s pre-quotation announcement revealed 454 holders held 94.9 million fully paid ordinary shares.
Among its to 20 largest holders were Citicorp Nominees Limited (7.9%), J P Morgan Nominees Australia Limited (2.63%) and Merrill Lynch (Australia) Nominees Pty Ltd (0.79%).
Wharton was issued 850,000 shares.
Ticker has form
Stealth took over the SGI ticker once used by delisted company Signature Capital Investments Limited (ASX:SGI) between July 5, 2010 and July 10, 2013.
Signature Capital had previously traded as HFA Accelerator Plus Limited after making its stock market debut on December 6, 2005.