Written by Max Mason
David Murray AO, the former chief executive of the Commonwealth Bank of Australia and inaugural chairman of the Australian government Future Fund, has joined little-known Indoor Skydive Australia as a non-executive director.
Mr Murray, who has a beneficial interest in 2.2 million ISA Group shares, said he is looking forward to working with the company over the next few years.
Last year, Mr Murray was appointed to head the federal government’s inquiry into Australia’s financial system.
‘‘I believe being involved in the development of a copany from its foundation stages is personally rewarding and important for the Australian economy,’’ Mr Murray said.
Indoor Skydive Australia Group raised $12 million in a January 2013 listing at 20¢ a share.
The stock surged peaked at more than 75¢ in September, and was up 200 per cent in 2013.
On Monday shares fell 3.3 per cent to 59¢.
The group’s managing director, Wayne Jones, a former member of the Australian military’s Special Air Services Regiment, has an exclusive licensing agreement with United States company SkyVenture to use their technology to build indoor tunnels for simulated skydiving.
ISA is building an indoor skydiving centre in Sydney’s west which is expected to be completed in the first quarter of 2014.
During the day, the centre is to be used for recreation and corporate outings.
However, it is understood that part of ISA’s strategy involves securing military contracts to train armed services personnel.
“Internationally, once built, these centres generate very positive cash flow,” said Greencape Capital portfolio manager Matthew Ryland, who has invested in Indoor Skydive.
ISA chairman Ken Gillespie said in a statement to the Australian Securities Exchange that the company was delighted to have Mr Murray on board.
‘‘His considerable financial expertise and passion for assisting high growth developing companies will prove invaluable to the company,’’ Mr Gillespie said.
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