Babylon to join ASX after $4.5m raising

James Cullen has emerged as the major shareholder at new listing Babylon Pump & Power, which is led by Michael Shelby, formerly general manager at Mr Cullen's former company Resource Equipment.

Babylon will begin trading on the ASX tomorrow after a reverse takeover of Melbourne-based health company IM Medical.

The Forrestfield based company specialises in equipment rental for the oil and gas sector and diesel engine services, with a focus on repair and maintenance of large diesel engines.

Its largest shareholder is Chesapeake Capital, led by Mr. Cullen, with a 5.3% stake.

Formerly the managing director at Resource Equipment, Mr. Cullen now leads Perth-based business Pacific Energy.

Babylon has an operations team that comprises eight full time employees and five casual staff.

Babylon is led by founder and executive chairman Mr Shelby, who was most recently part of the management team at National Pump & Energy, formed through a merger between National Pump Services and Resource Equipment.

Patrick Maingard is an executive director and was previously a director and co-owner of plastics business Omni Manufacturing.

Michael Kenyon has become a non-executive director and company secretary.

The three new directors replace the outgoing board of Nigel Blaze, Richard Wadley and Paul Burton.

The listing follows a successful $4.5 million capital raising in November which provided funds primarily for the purchase of rental equipment.

Patersons Securties acted as lead manager and partially underwrote the offer to $4 milliom.

Gilbert + Tobin acted as the legal advisor to the listing while BDO Corporate Finance was the investigating accountant.