- Telecommunications company Field Solutions (FSG) has entered a trading halt while it plans a capital raise
- The raise will be in the form of a placement and offered to professional investors, however no other details are known yet
- FSG has a number of objectives for FY22 with the key priority being to deliver 16 new networks across Australia and further developing its markets
- The company expects to come out of the trading halt by September 30
- FSG shares last traded at 16.5 cents on September 28
Field Solutions (FSG) has entered a trading halt while it plans a capital raise.
So far, the company has disclosed the capital raise will be in the form of a placement to professional investors. However, no details have been given yet on how much will be raised nor how FSG will spend the funds.
Field Solutions is an ASX-listed telecommunications carrier which is committed to providing connectivity and business solutions for residents, business and government organisations in rural and remote areas where some other providers can’t.
In its most recent investor presentation, the company revealed its objectives for FY22. These include delivering 16 new network across Australia, rolling out the Regional Australia Network which is the country’s fourth mobile network operator (MNO), doubling revenue and earnings, and delivering the neutral host pilot.
In FY21, Field Solutions increased revenue by 77 per cent year-on-year and net profit after tax by 550 per cent after a $500,000 loss in the prior year. It also increased earnings before interest, tax, depreciation and amortisation by 485 per cent.
At the time of the investor presentation, which was released on September 16, FSG had around $600,000 in cash and $1.2 million in debt.
Whether or not the upcoming funding will aim to improve its cash position or support its FY22 objectives, is not yet known for sure.
FSG expects to come out of the trading halt by September 30.
Company shares last traded at 16.5 cents on September 28.