SYDNEY, July 21, 2016 /PRNewswire/ -- Recycled plastic pallet manufacturer Range International (ASX: RAN) will list on the Australian Securities Exchange on Friday July 22, following a successful IPO.
Range International produces Re>PalTM pallets, an affordable durable and sustainable product made from 100% recycled waste plastic.
Produced using the ThermoFusionTM technology, Re>PalTM pallets can be used instead of timber and virgin plastic pallets, saving waste plastic from going to landfill or entering the environment and reducing global deforestation. The global market for new pallets is expected to exceed 5 billion units globally in 2017.
The IPO closed on July 6, 2016 having raised AUD$50,000,000. The offer was underwritten by lead manager Morgans, attracting significant interest from institutional and retail investors, and was heavily oversubscribed.
The total number of new shares allotted from subscription through the IPO was 50,000,000 (ordinary shares), with new shareholders making up approximately 33% of holdings. At admission directors held approximately 19% of shares and have agreed to a voluntary escrow of 24 months.
Executive Chairman Stewart Hall congratulated the Board, advisers, staff and clients on the successful IPO.
"This marks a key turning point in the trajectory of our company. Over the coming months we'll have a number of exciting announcements to make as we move into our next phase of growth," said Mr Hall.
"This IPO is about transitioning Range from a company focused on product development and customer trials to commercial scale production."
Company founder and Executive Director Matthew Darby added: "The pallet industry's timber consumption and the world's growing volumes of plastic waste present both a significant threat to our environment and a tremendous opportunity."
"This business is founded on the principle of 'let's change the way we look at our environment and apply sound commercial practices'. This is what Range is and it is what we hope to succeeded in doing, not just from an environmental perspective but also as a commercial operation."
"Around the world, too many trees are being cut down and too much plastic waste is going into landfill or ending up in our oceans. We are determined to change that."
About Range International:
Range is a manufacturer of plastic pallets. It has developed the ThermoFusionTM technology that allows it to make plastic pallets from 100% recycled mixed waste plastic at a price that is competitive with wood pallets. It currently has two production lines operating at its factory in Indonesia and sells its pallets under the brand Re>PalTM. With the additional funds raised through the IPO, Range intends to scale up its operations in Indonesia. In the medium term, the Company's goal is to establish a global production footprint and sales distribution network.
The Range board and management team includes:
Stewart Hall, Executive Chairman: more than 27 years of international banking experience, including 15 years based in Indonesia. Prior roles include CEO of Standard Chartered Bank Indonesia and President and CEO of Permata Bank.
Matthew Darby, Founder and Executive Director: founded Range in 2002. Prior to Range, he founded Media Partners (which was sold to TMP Worldwide), and NZX listed Estar Online.
Bill Koeck, Non-Executive Director: former Chairman of ASX listed Fleet Capital Limited, over 35 years experience in Australian and international corporate law specialising in M&A, equity capital markets, private equity, restructures and corporate governance. Appointed to the Australian Takeovers Panel in 2015.
Mark Daniel, Non-Executive Director: President of China Merchants Loscam International from 2008 to 2015 (a leading international Pallet Pooling businesses with operations across the Asia-Pacific region). More than 25 years professional experience in supply chain and logistics, including prior senior management roles with Coca-Cola Amatil Indonesia, Linfox and Pacific Brands.
Lars Amstrup, Managing Director: Former President of CHEP Asia, with 30 years experience in supply chain, logistics and industrial manufacturing.
Geoffrey Walker, CFO Head of Finance: former CFO of ASX listed A.P. Eagers. Ken Brandt, Head of Global Strategy: former Global Director of Product Development Bramble's CHEP Pallets Division.
Russell Twine, Head of Global Sales, Marketing and PR: Former Asia Head of Sales for Key Account Customers CHEP Pallets.
Bambang Garnadi, Head of Global Operations: former production manager for Tupperware Indonesia.
SOURCE Range International