Submarine venture moves forward

The offer for the takeover closed on Friday, and the company says it is now beneficially entitled to 100% of the share capital in Submarine Adventures Limited, following the acceptance of the offer by all 96 shareholders.

The company claims it is on the only NCM company where the directors and their associated parties do not hold a controlling interest.

It says with their combined stakes at 42% of the company, Submarines Australasia is a widely held company with 450 shareholders.

The company's first deep dive submarine, the Antipodes, has completed over 40 dives in Milford Sound and is presently certified for research and private use, but is in the final stages of certification by the American Bureau of Shipping as a tourist carrying submarine.

The certification process is expected to be completed over the next few weeks.

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