Thursday, 02 April 2020 00:49

Dubber says investors commit $10 million to capital raising Featured

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Listed Australian cloud call recording service Dubber says it has received commitments to raise $10 million via a placement to existing institutional and sophisticated investors in the company.

The company announced the investor commitments ahead of issuing 15,003,333 new fully paid ordinary shares at an issue price of $0.60 under its current placement capacity, and a further 1,666,667 placement to company’s CEO and Managing Director Steve McGovern and Peter Pawlowitsch, who will subscribe to the placement subject to shareholder approval.

Settlement of the placement and issue of new shares is expected to be completed on Monday 6 April and Dubber says the placement price of $0.60 for each placement share, represents a 2.3% discount to the company’s 10-day volume weighted average price (VWAP).

Dubber (ASX: DUB) says that following the settlement of the placement (net of fees) and subject to shareholder approval, the company will have a "significantly enhanced" balance sheet.

“The company has recently expanded its operations in Asia Pacific, North America and Europe at a time when the global economic climate and health crisis is seeing a dramatic shift to Unified Communications as workplaces become rapidly distributed, including employees working from home,” Dubber said in a statement.

“Dubber currently has 123 service provider partners who, along with Cisco and IBM, are engaged with the migration of business grade communications capabilities as a result of this mass scale workforce movement, providing “virtual office” capabilities for remote workers.

“Dubber believes that cloud call recording, especially for compliance requirements, will continue to form an important part of a secure and complete enterprise-grade solution for remote workers.”

Dubber CEO Steve McGovern said: “The current economic climate is proving to be dynamic and fast moving. In a broad sense, there is significant social uncertainty which has the potential to affect many markets and, conversely, there is an obvious requirement for Dubber’s services as businesses of all sizes seek to extend virtual office infrastructure for distributed workforces.

“Dubber is inextricably linked to the Unified Communications sector, and all of our partners are engaged in enabling a dramatic and immediate shift to working from home in response to the current global health crisis.

“The company believes that once the current COVID-19 crisis stabilises, the adoption of cloud-based UC services will accelerate as the business sector seeks to implement sustainable Business Continuity Planning (BCP) programs. Services such as Cisco Webex Calling, along with the UC networks of our service provider partners like Verizon, Sprint, Telstra and Optus will be at the centre of this transformation.

“The company has therefore taken the decision to conduct a capital raise which reflects its position, its growth outlook and the confidence of its shareholders, whom we thank for their participation.”

McGovern said that the addition of the raising will add “more than a year to an already fully funded business plan, provides a significant financial buffer to the company and enables us to evaluate potential acquisition and other growth opportunities in a rapidly changing market”.

“This also allows the company to provide confidence to its employees, its shareholders and its business partners.”

In April last year, Dubber announced it was raising $22 million, with the funds to be used to accelerate plans for growth of the business, and six months prior to that, in November 2018, the company completed a $5 million capital raising, with the funds to be used to meet “increasing demand for its services, and for further development of the business”.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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