- Aussie Broadband (ABB) is eyeing off a fresh cash injection, after placing its shares in a trading halt while it considers a capital raise
- The telecommunications business will announce full details of the proposed fundraise on or before September 9
- ABB ended the 2021 financial year with a $4.5 million loss and $57 million worth of cash in the bank
- This is the telco’s first major capital raise since it carried out an IPO and listed on the ASX back in late 2020
- Shares in Aussie Broadband last traded for $4.63 per share on Monday, September 6
Aussie Broadband (ABB) is eyeing off a fresh cash injection, after placing its shares in a trading halt.
The telecommunication company’s securities will remain halted from trade while the company considers carrying out a capital raise.
No details have been announced just yet, but an announcement on the proposed fundraise is expected on or before Thursday, September 9.
ABB recently announced it ended the 2021 financial year with a $4.5 million loss, an improvement on FY20’s $12.3 million loss.
The reduction in net loss was driven by an increase in revenue, from $190.49 million in FY20 to $350.27 million in FY21.
Aussie ended June 30 with $57 million worth of cash in the bank and flagged in its annual report it would consider mergers and acquisitions throughout FY22.
Fellow telco’s Vodafone and TPG Telecom joined forces in 2020 and recently posted an $83 million half-year profit.
If ABB’s proposed fundraise goes ahead, it would be the telco’s first major capital raise since it carried out an IPO and listed on the ASX back in late 2020.
Before today’s trading halt, shares in Aussie Broadband last traded for $4.63 per share on Monday, September 6.