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Australia’s largest defence exporter and first ASX-listed shipbuilder has reportedly brought in JPMorgan and Poynton Stavrianou as it considers taking the company private with offers from multiple North American investment funds, according to recent media speculation.
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“Austal is regularly involved in discussions with potential parties concerning strategic initiatives to create value for its shareholders,” stated a company announcement on 6 June.
“While discussions may take place from time to time, there can be no certainty that any opportunity will proceed.
“Austal will keep shareholders informed in accordance with its continuous disclosure obligations.”
Austal released its FY2023 H1 results in February this year with an increased revenue of $775.0 million supported by strong growth in the sustainment business.
It had a net loss after tax of $7.3 million and a net cash position of $58.1 million.
In addition, the United States Department of Justice has indicted three former Austal USA employees for allegedly making or causing false and misleading statements about Austal USA’s performance and financial condition between 2012 and 2016.
The US Securities and Exchange Commission also announced that it has filed civil charges against the same three individuals regarding actions taken between 2013 and 2016.
