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- Beam Communications (BCC) places its shares in a trading halt as it gets ready to execute a proposed fundraise
- The communication equipment business will remain halted from trade until Tuesday, when full details of the capital release are released to the market
- BCC ended the first quarter of FY22 cashflow positive, with $6.8 million worth of available cash facilities
- The company netted $6.1 million in customer receipts over Q1 FY22 after an uptick in sales of the ZOLEO Global Satellite Communicator
- BCC shares last traded at 52 cents each on November 21
Beam Communications (BCC) has placed its shares in a trading halt as it gets ready to execute a proposed fundraise.
The communication equipment business entered a trading halt this morning and will remain halted from trade until Tuesday, November 23.
At that point, full details of the capital release, including how much BCC is planning to raise, should be released to the market.
Beam ended the first quarter of FY22 cashflow positive at $1.3 million and also had $5.1 million in cash and $1.7 million in undrawn cash facilities available.
In comparison, the company had net cashflows of $374,000 during the previous quarter.
BCC said a jump in sales helped fuel the cashflow increase, with the company bringing in $6.1 million in customer receipts during the recent three-month period.
Beam’s ZOLEO Global Satellite Communicator proved popular, with a 28 per cent increase in subscribers in Australia and New Zealand.
It also received record quarterly orders for 33,980 ZOLEO devices from its joint venture
entity, ZOLEO Inc.
Shares in beam Communications last traded at 52 cents per share on November 21.
