- Aussie Broadband (ABB) raises $20 million through a share purchase plan, double what it originally planned
- ABB reserved the right to accept over-subscriptions and, due to high demand, decided to accept a total of $20 million
- A significant scale back is required and will be undertaken on a pro rata basis
- Managing Director Phillip Britt acknowledges that the level of scale back will be disappointing for shareholders despite doubling the size of the SPP
- Shares are trading 1.22 per cent higher at $4.97 at 1:18 pm AEST
Aussie Broadband (ABB) has raised $20 million through a share purchase plan.
The company, which is based in Victoria, originally announced it was looking to raise $10 million through the SPP. However it reserved the right to accept over-subscriptions and, due to high demand, decided to accept a total of $20 million.
The funds from the share purchase plan are in addition to the $114 million raised through an institutional placement.
A significant scale back is required and will undertaken on a pro rata basis, subject to a minimum allocation of $500 worth of shares for eligible applications and having regard to participants’ applications under the SPP.
Shareholders who applied for an ineligible parcel of shares were rounded down to the nearest eligible parcel, as outlined in the original offer, and the pro rata was applied to the eligible parcel of shares.
Managing Director Phillip Britt acknowledged that the level of scale back would be disappointing for shareholders despite doubling the size of the SPP.
“We hope to repay the faith our shareholders have shown us by continuing to deliver value to them as we execute our strategy,” he said.
Shares were trading 1.22 per cent higher at $4.97 at 1:18 pm AEST.