CORPORATE TRAVEL TO RAISE $21M
18 November 2010,
CORPORATE Travel Management (CTM) will likely float on the ASX on December 15, in a bid to raise $21.7 million in capital.
CEO Jamie Pherous (pictured) says the capital will be used to fund technology and expansion as CTM realises its market capitalisation of $70.37 million.
“We’ve been working on this for a while but the GFC put a hole through everything, so it’s been business as usual,” he says.
“I’ll enjoy for shareholders sharing in our growth and listing opens up opportunities all of a sudden to have new options at our fingertips, and the market’s not what it used to be. It’s boom time so the timing is perfect.
“The most important thing is that we already operate like a listed company. I’m accountable, we’re audited every year and I appoint to a board, so it won’t really be anything different.”
Pherous currently holds 38 per cent, while other directors will sell a small number of shares to pay off loans for previous share options plans.
“We’re more than pleased with the response from institutions and stock broking firm RBS Morgans. It’s been very optimistic,” says Pherous.
“We have made a significant investment in building an experienced executive team and a highly-motivated client-focused workforce of more than 300 staff and the benefits of this investment are highlighted by the quality of our business and consistent growth.”
The company will be called Corporate Travel Management under the ASX code CTD.
In September Pherous told Brisbane Business News he expected $485 million revenue this year, with plans to earn $1 billion annually in five years time.