Aerosonde Holdings is to sell its unmanned air vehicle interests to an investor group comprising former directors and Saab Systems.
The takeover follows an unsuccessful bid by Saab to gain 100% control of the Australian company in February. A separate attempt at a management buyout was made in June by Aerosonde founding director Greg Holland. The two parties have been co-operating since then with Saab to acquire around 40% of the spin-off company. Saab has a 20% stake in the listed company.
Aerosonde was suspended from the Australian stock exchange in early May, and has yet to resume trading after former investors sought early repayment of a A$1 million ($559,000) convertible note obligation. The government agreed on 16 May to give the company A$3 million in work over the next two years to assist its recovery.
The takeover remains subject to Aerosonde shareholder approval.
Source: Flight International
