UPDATE 2.15pm: Quickstep Holdings shares were up after the company announced management changes that would allow it to focus on expanding its patented carbon fibre composites technologies and products into the automotive sector.
Under the changes, managing director Phillippe Odouard will focus on driving growth and overseeing investor relations, while chairman Tony Quick would take over Mr Odouard's responsibilities in an executive capacity.
Quickstep said it was seeking to break into the automotive market and the board had decided to free up Mr Odouard's time to pursue success for the company's new technologies, such as Quickstep Process and Resin Spray Transfer.
Quickstep Process is a unique manufacturing technology for the production of advanced composite materials.
Resin Spray Transfer is an automated composite process, which works with the Quickstep Process to rapidly cure the composite component.
Mr Odouard will be responsible for all customer and strategic relationships related to the Quickstep Process, including managing new product offerings as well as remaining the spokesman of the organisation and being responsible for investor relations.
Mr Quick will manage the day to day growth of the organisation on an interim basis as executive chairman.
"This restructure reduces Philippe's workload and allows the company to take full advantage of some of Philippe's major strengths,"
Mr Quick said.
He said Mr Odouard had overseen the development of innovative technology that is in the early stages of commercialisation in the automotive and aerospace markets, and will now accelerate this development and bring these new technologies to market.
Quickstep shares were up 1.8 cents, or 9.63 per cent, at 20.5 cents at the close after touching an earlier high of 21.5 cents.