Aussie Broadband goes full throttle with $114m placement

Aussie Broadband goes full throttle with $114m placement

Aussie Broadband managing director Phillip Britt.

Aussie Broadband (ASX: ABB) has set itself up for mergers & acquisitions, new product development and business growth following the completion of a $114 million placement.

Completed today, the Victoria-based company’s raise was strongly supported by new and existing institutional investors and will be given a further $10 million boost following a share purchase plan (SPP) which will close on 1 October.

The issue price for the placement shares was $4.00 per share, representing a 13.6 per cent discount to the last traded price on 6 September.

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

“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.”

Shares in ABB are down 1.94 per cent to $4.54 per share at 1.50pm AEST.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Insurance Council declares ongoing NSW floods a ‘significant event’

Insurance Council declares ongoing NSW floods a ‘significant event’

The Insurance Council of Australia (ICA) has activated its prelimin...

Creditors looking to wind up Victory Offices owed $3.5m in overdue debts

Creditors looking to wind up Victory Offices owed $3.5m in overdue debts

Two creditors owed more than what Victory Offices (ASX: VOL) is wor...

Australian motoring clubs acquire largest public EV charger network Chargefox

Australian motoring clubs acquire largest public EV charger network Chargefox

Australia’s largest EV charging network Chargefox, which has ...

Victorian regulators hit Crown with fresh disciplinary proceedings over gambling services

Victorian regulators hit Crown with fresh disciplinary proceedings over gambling services

Two months after the Victorian Gambling and Casino Control Commissi...