Tuesday, 14 September 2021 09:32

Aussie Broadband completes $114m institutional placement Featured

By
Aussie Broadband MD Phillip Britt Aussie Broadband MD Phillip Britt

Aussie Broadband announced that it has received firm commitments to raise $114.0 million before costs via a placement of 28.5 million ordinary shares to new and existing institutional, sophisticated, and professional investors.

Aussie Broadband says the funds will be used to support acquisitive growth by M&A, new business product and technology development, and/or increase technology development to improve network efficiency and fund the growth of fibre and network assets.

The issue price for the placement shares was $4.00 per share representing a:

  • 13.6% discount to the last traded price of the company’s shares on 6 September 2021; and
  • 2.6% discount to the previous 10-day volume-weighted average price of the company’s shares traded on the ASX up to and including 6 September 2021.

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The placement shares are expected to be allotted and issued on Wednesday 15 September 2021 and will rank equally with the company’s existing ordinary shares on issue, the company said.

Aussie Broadband advise that the placement shares will represent approximately 15% of the issued capital of the company before the placement and will be issued within Aussie Broadband’s existing placement capacity under ASX Listing Rule 7.1.

"We are very encouraged by the strong level of support from new and existing institutional, sophisticated and professional investors,” said managing director Phillip Britt.

“We greatly appreciate the backing of existing shareholders who participated in the placement and welcome new shareholders that have joined the register as part of the equity raise.

“There are promising opportunities to execute transformational acquisitions in the business segment that will complement and improve Aussie Broadband’s position in the market.

“We believe this will help us to continue delivering outstanding results for our shareholders and help the company to continue to change the telco game in Australia.”

This first appeared in the subscription newsletter CommsWire on 8 September 2021.


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