Aussie Broadband targets new growth after $ 114 million fundraising effort



Phillip Britt (Aussie Broadband)

Credit: Aussie Broadband

Aussie Broadband completed a $ 114 million equity offering to secure mergers and acquisitions (M&A), among other growth opportunities.

The placement, which consisted of 28.5 million common shares at $ 4 per share, is also expected to be used for the development of new business and technology products as well as for the potential construction of additional fibers and networks.

“We are very encouraged by the strong level of support from new and existing institutional, sophisticated and professional investors,” said Phillip Britt, Managing Director of Aussie Broadband.

“We greatly appreciate the support of the existing shareholders who participated in the placement and welcome the new shareholders who joined the register as part of the capital increase.

“There are promising opportunities for making transformational acquisitions in the business segment that will complement and enhance Aussie Broadband’s position in the market.

“We believe this will help us continue to deliver exceptional results to our shareholders and help the company continue to change the telecommunications game in Australia,” he added.

The telecommunications provider is seeking to raise an additional $ 10 million through a stock purchase plan with the issuance of new shares, also at a price of $ 4 a share.

The completion of Aussie Broadband’s placement comes days after entering into a swap deal with Victorian state-owned company VicTrack to swap its fiber network, with each party providing the other with access to its networks.

It also comes after Aussie Broadband announced that it had exceeded its guidance for fiscal 2021, which saw revenue increase 84% year-over-year to $ 350 million and earnings before interest, taxes, depreciation and amortization (EBITDA) up 433%. , to $ 19.1 million for the 12 months ending June 30.



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