Month: January 2013

Article by Bevis Yeo

Indoor Skydive Australia Group (ASX:IDZ) has leapt into the ASX after raising almost $7.4 million from its IPO.

The company plans to construct and operate the only large scale commercial indoor skydiving facility in Australia, which will also be the second of its type in the Asia Pacific region.

Indoor Skydive will begin trading at 11am (AEDT) on Friday 18 January.

The planned facility – to be sited within the Penrith Rugby League Club redevelopment at Penrith – will house one of the largest Verical Wind Tunnels (VWT) available in the world and will be able to accommodate up to eight professional skydivers, or two amateurs, at a time for training or entertainment.

Professional sky divers are required ongoing training to remain competitive as do military operators.

As such, VWT infrastructure is complementary to skydiving as it provides virtual or simulated training in a controlled environment that is not subject to weather and other factors.

International organisations have also recommended the use of VWT for simulating training to prepare beginners for full licencing to undertake individual skydiving.

This facility is expecting to start operating no later than January 2014.

Indoor Skydive believes there is potential for it to operate a portfolio of VWTS located throughout Australia, meeting the demand of users located in capital cities and suburbs.

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Article by Sophie Foster

Despite a lacklustre response from the market, Queensland rich-lister Stephen Baxter was happy yesterday with the first day’s trade in an indoor skydiving initiative backed by his family trust. Indoor Skydive Australia Group (listed on the Australian stock market under IDZ) opened its first day’s trade at 21.5¢, but closed down 1.5¢ at its 20¢ issue price.

Mr Baxter, who family trust Birkdale Holdings held 27 per cent of shares in the lead-up to listing, said “it was a great day”. “It was a great result for shareholders and the persistence of Wayne (Jones) and Danny (Hogan) has really paid off,” he said.

Mr Jones who is ISA Group chief executive, is a 21-year defence force veteran, serving 14 years with the Special Air Service, while Mr Hogan, chief operating officer, had 15 years with the Special Air Service Regiment.

Mr Baxter, a non-executive director of ISA Group, said preparatory work on the Penrith site was expected to begin in the last week of this month. The company’s first indoor skydiving tunnel sits on a plot next to the Penrith Panthers Rugby League Club. “It will all kick off the day after Australian Day.” Mr Baxter said. “We are planning a breaking of the ground ceremony in mid to late February. We’ve activated the contract with the American supplier for the manufacture of their equipment in the US.”