Quickstep Holdings (ASX:QHL) has had a busy day, announcing (1) the successful finalisation of key negotiations with its Tier 1 defence customers, incorporating terms that reflect mutually acceptable volumes and pricing adjustments and (2) a takeover offer from ASDAM Operations Pty Limited.
- Contracts update
- C-130 Program with Lockheed Martin: Quickstep Holdings secures volume and increased pricing for the C-130 program post-MYIII contract, covering deliveries from February 2025 to December 2029 with pricing adjustments effective from February 2025
- F-35 Vertical Tail Program with Marand: Quickstep Holdings concludes agreements for vertical tail component production. The contract spans production from September 2024 to June 2026, with pricing adjustments effective from September 2024
- F-35 Program with Northrop Grumman: Quickstep Holdings receives Lot 19 definitised purchase order firming the demand for FY26 to FY27 H1 component production
- Quickstep Holdings also remains in active discussions with Northrop Grumman regarding further pricing adjustments for the new orders, ensuring alignment with current economic conditions.
- Takeover offer
- ASDAM Operations Pty Limited intends to make an off-market takeover bid for Quickstep Holdings at a cash price of A$0.40 per share
- The latter price is 105% above the closing price of $0.195 at the end of trading on 6 November 2024
- The Offer is subject to only three conditions, one being a minimum 90% acceptance by Quickstep shareholders
- ASDAM had previously submitted an offer to Quickstep to acquire 100% of the Company by way of a scheme of arrangement, and was still open to transacting via Scheme
Rohan Stocker, ASDAM CEO, said: “As one of Quickstep’s largest customers, through Marand, ASDAM wants to work constructively with the Quickstep Board to conclude a value-creating deal for shareholders”.
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