Superloop announces underwritten Placement and Share Purchase Plan

Superloop Limited (ASX: SLC) (“Superloop”) is pleased to announce that it has completed a fully underwritten placement of 8.9 million new fully paid ordinary shares to raise $20.0 million of additional capital (“Placement”).

The funds raised from the Placement will be used to provide funding support for further customer-led network expansion, possible strategic acquisitions and balance sheet flexibility for future strategic growth opportunities.

The Placement was offered to institutional and sophisticated investors at $2.25 per share, representing an 11.4% discount to the closing share price on 19 September 2017 ($2.54) and a 10.7% discount to the 5 day volume weighted average price ($2.52).

New shares issued under the Placement will rank equally with existing shares on issue.

The capital raising is within Superloop’s existing placement capacity under ASX Listing Rule 7.1 and accordingly shareholder approval is not required.

Settlement of the Placement is expected to occur on Friday 29 September 2017.

 

Share Purchase Plan

Superloop will offer existing shareholders an opportunity to acquire additional shares at the same price as the Placement, $2.25 per share, under a Share Purchase Plan (“SPP”).

Under the SPP, eligible shareholders will be invited to subscribe for up to $15,000 additional Superloop shares, up to a maximum of $15.0 million. Participation in the SPP will be open to all holders of Superloop shares with a registered address in Australia or New Zealand at 5.00pm (Sydney time) on Wednesday, 20 September 2017 (“Record Date”).

New shares issued under the SPP will rank equally with existing shares on issue.

Further information on the SPP, including the SPP terms and conditions is outlined in the SPP booklet which will be dispatched to eligible shareholders on or around Wednesday, 27 September 2017. Factors that the Company may take into account in determining any scale-back if required may include compliance with regulatory requirements, the amount applied for by each shareholder under the SPP, the number of Shares held at the Record Date and the number of Shares held at the close of the SPP offer period.


Disclaimer
The advice given by Kalkine Pty Ltd and provided on this website is general information only and it does not take into account your investment objectives, financial situation or needs. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. Kalkine.com.au and associated websites are published by Kalkine Pty Ltd ABN 34 154 808 312 (Australian Financial Services License Number 425376). The information on this website has been prepared from a wide variety of sources, which Kalkine Pty Ltd, to the best of its knowledge and belief, considers accurate. You should make your own enquiries about any investments and we strongly suggest you seek advice before acting upon any recommendation. Kalkine Pty Ltd has made every effort to ensure the reliability of information contained in its newsletters and websites. All information represents our views at the date of publication and may change without notice. To the extent permitted by law, Kalkine Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss or data corruption). If the law prohibits this exclusion, Kalkine Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services. There may be a product disclosure statement or other offer document for the securities and financial products we write about in Kalkine Reports. You should obtain a copy of the product disclosure statement or offer document before making any decision about whether to acquire the security or product. The link to our Terms & Conditions has been provided please go through them and also have a read of the Financial Services Guide. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine Pty Ltd do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s