After an exhaustive process that has absorbed hundreds of hours of work by a small and dedicated team of supporters, I regret to advise that the public capital raising by way of our IPO has fallen short of the targeted minimum level of subscriptions.
Obviously, I am disappointed, as are many of the supporters of this visionary, exciting and unique project.
Whilst an investment in the project was highly speculative, we believed that a small exposure to what promised to be a rare chance to share in automobile history was achievable for a sufficient number of investors to enable us to take the project to the public in this way.
Throughout the offer period, we have received terrific feedback through the country and this, coupled with the dream run that the car enjoyed (and continues to enjoy) at the hands of the motoring, business and mainstream media, gave me the confidence that we would succeed. I am also amazed by the amount of media exposure that we continue to get overseas, with the most recent being on the front page of a very recent issue of the German automobile industry magazine ‘Automobil Revue’.
As a result of this setback, we are assessing our options to fund the next phase of the development lifecycle of the project.
We continue to receive expressions of interests in the project, including parties interested in taking up an option to acquire a production model and are open to look into any proposal that will get the “Hulme Supercar” into production, hopefully in New Zealand, but not necessarily so.
Regrettably, as passionate New Zealanders, if the project ends up owned by overseas interests, it could bring with it the very real prospect that the skills and know-how that have been developed over the last 7+ years will be lost overseas and, with it, the opportunity to develop a sustainable body of expertise in this country.
One of the consequences of falling short of the minimum target that was set for the capital-raising is that, by law, we are required to return application moneys. As a result, applicants who subscribed for shares in the public offer will be receiving refund cheques shortly.
I was interviewed on the TV 1 Breakfast show recently, if you are interested, I believe this interview would give you all a good understanding of where we stand and where we would like to go.
http://tvnz.co.nz/breakfast-news/no-local-backing-hulme-supercars-05-02-video-3623195
Enjoy today
God bless
Jock
Jock Freemantle
Hulme Supercars Limited
jock.f@hulmesupercars.com
www.hulmesupercars.com
+64(0)274733927
gardyneHOLT
| Powered by