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Home / Technology

Ilion waits for the right time

16 Jan, 2001 08:50 AM2 mins to read

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By DANIEL RIORDAN

Lithium battery developer Ilion Technology has secured underwriting for a $US120 million ($269 million) listing on the US technology-oriented Nasdaq stock exchange, but may hold off listing until technology markets improve.

The company, formerly known as Pacific Lithium, has been talking about a Nasdaq listing for almost two years,
and has had to delay its plans several times.

Managing director Robin Johannink says the company's offering document is being drafted and he hopes it will be filed with the US Securities and Exchange Commission on February 9 - the date by which the company must report its results for the December year.

The commission will have 30 days to question Ilion on any details in the document, and, once those concerns are dealt with, the company hopes to list in March.

"But we won't file if the market isn't right.

"We'll make that call on February 9."

Mr Johannink said the company had a level for its share price that it was not prepared to go under, determined by its investment bank underwriters and its own "gut feeling."

SEC regulations prevent publication of the underwriters' identities until the offering document is filed.

But Mr Johannink said they were an American investment bank and two international ones.

Ilion stopped trading on the New Zealand grey market in October as it readied itself for the listing.

Mr Johannink said the company's annual result would be within "a couple of per cent" of its targets.

He expected another loss for 2001 but profit in 2002.

Ilion's initial public offering is being underpinned by its joint venture with Boston-based company Powercell.

It will use Ilion's products in devices designed to counter power surges that it is supplying to the US power industry.

Ilion owned 75 per cent of the joint venture, which had sales orders worth $US1.5 billion over the next few years, Mr Johannink said.

Powercell chairman and chief executive Reznor Orr said the joint venture had enormous potential.

But he cautioned that the sales figures were targets rather than firm commitments.

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