- Uniti Wireless has successfully completed a $15 million share placement
- target was $10 million however, it had to be increased due to excess demand
Uniti Wireless has announced the successful completion of an over-subscribed capital raise of $15 million.
A placement of 15 million shares was issued institutional and sophisticated investors at $1 per share. While the initial objective was to raise $10 million the placement was heavily over-subscribed so the board of Uniti decided to raise an additional $5 million to accommodate excess demand.
Uniti Chairman Graeme Barclay is pleased with the results of the placement.
“We are delighted to have successfully completed this capital raising, which provides valuable additional fuel for our aggressive inorganic growth strategy,” he said.
These funds will be used to accelerate Uniti’s strategy of purchasing businesses which fit its ‘three pillars’ of growth strategy, encompassing wireless, fibre and speciality communication services. Uniti will also materially boost it’s readily available cash reserves.
Uniti primarily focuses on providing fast, reliable and cheap wireless internet to all Australians. As we live in a world dominated by they believe that everyone should have access to the internet no matter where they live or their income.
Since mid-April Uniti has acquired three companies: Pivit, Dynamics and Call Dynamics. Collectively these companies are believed to deliver more than 60 percent earnings per share to all Uniti shareholders by 2020.
The placement is planned to occur on June 5 2019 with shares currently sitting at $1.10.