Martin Aircraft founder resigns, effective immediately
Surprise departure of the Christchurch-based ASX-listed company's founder and director Glenn Martin.
Hot Topic
Hawke’s Bay
LATEST: Martin Aircraft inventor walks away disillusioned
The founder and director of jetpack maker Martin Aircraft has resigned from the board, effective immediately.
The company announced the departure of New Zealander Glenn Martin in a brief note to the ASX yesterday afternoon, saying it “acknowledges the valuable contribution made by Mr Martin in the initial development of the Martin Jetpack and wish him the best of success.”
No explanation was given for his departure, and NBR ONLINE is seeking comment from the company. Chief executive Peter Coker is in Hong Kong and could not be reached.
Mr Martin is listed as owning 38.3 million shares, or 15.6% of the company. Yesterday’s release says 360,000 share options lapsed on his resignation, as per the company’s employment option scheme.
Christchurch-based Martin Aircraft launched on the ASX in February at A60c, compared to the A40c offer price, which valued the company at $A103 million.
The shares peaked at $A1.74 on March 2 but soon dropped, and closed yesterday at A78c.
Martin Aircraft’s listing followed an initial public offer that raised $A27 million to fund plans which the company says will make it the world's first commercial jetpack manufacturer by 2016.
Existing investors cut their stakes in the company ahead of the IPO. Mr Martin sold $1.5 million of the stock taking his stake to 15.9%.
A Chinese entrepreneurial investor, Hong Kong exchange-listed KuangChi Science, bought most of the shares offered in the IPO –52.5 million – for $A21 million.
Mr Martin founded Martin Aircraft in 1998, after tinkering with jetpacks for years in his Dunedin garage.
In August 2013, the Jetpack P12 became the first Martin Aircraft prototype to gain Civil Aviation Authority certification for manned flight. The jetpack does not have approval to fly anywhere but New Zealand.
Calida Smylie
Thu, 04 Jun 2015
Thu, 04 Jun 2015
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Martin Aircraft founder resigns, effective immediately
48320