An ASX Listed Company
CFOAM Ltd is currently investigating new opportunities for investment.
CFOAM Limited has cash, no debt and an investment in Innovaero Technologies Pty Ltd.
The investment in Innovaero is by way of equity, at a cost of A$1.55 million and a convertible note investment of A$1.975 million for a total investment of A$3.525 million.
The convertible note conversion is subject to 30% discount to an IPO valuation. CFOAM Limited’s current interest will increase from 10.24% to up to 17%, subject to the valuation conversion.
Innovaero is rapidly developing solutions for the Australian Defence market and the Australian Government is set to invest AUD$270bn in Australian Defence Force (ADF) capability and infrastructure over the next ten (10) years as part of the 2020 Defence Strategic Update and Force Structure Plan (the Plan), which is a key target market for Innovaero.
The Australian government has mandated that all Defence tenders, where possible, must include Australian Sovereign content and we believe Innovaero is well placed with its domicile and unique skill set to address this demand.