Superloop has announced a fully underwritten institutional placement and 1 for 18 accelerated non-renounceable entitlement offer to raise approximately $31 million (Offer). The founder and largest shareholder, Bevan Slattery, has committed to take up all his rights. Net proceeds from the Offer to strengthen balance sheet by reducing net debt & providing additional funding capacity to take advantage of near term infrastructure opportunities.
The Issue price of $1.25 per new share representing a 18% discount to the TERP(1) of A$1.525 and 19.6% discount to the last closing price of $1.555 on 22nd February 2019. The Offer has been fully underwritten by Morgans Corporate Limited.The Institutional Placement and Institutional Entitlement Offer will be conducted over Monday 25 February 2019 and Tuesday 26 February 2019. Entitlements not taken up under the Institutional Entitlement Offer will be offered to new and existing eligible institutions at the offer price via a shortfall bookbuild concluding on Tuesday 26 February 2019.
More information can be found at https://www.superloop.com/news/fy18-full-year-results-presentation/