The Government has offered Australia's three mobile operators, and vividwireless, renewal of their existing spectrum allocated on 15 year licences in the late 90s and early 2000s at set prices, while the Government expects to rake in $3 billion.
Institutional clients of Wilson HTM and ABN AMRO Morgans have invested $16 million in Pipe Networks which is expected to soon announce plans to build a submarine cable to Guam in partnership with Indian international telco, VSNL.
The investors have between them purchased five million shares at $3.20 each. This equity raising follows the announcement on 3 May 2007 that Pipe had secured additional debt funding facilities up to $20 million from the ANZ Bank.
The company says demand for the placement was strong and, that, as a result founders, Bevan Slattery and Stephen Baxter have agreed to sell a combined total of 1.8 million shares at a price of $3.20 each. This will leave them holding eight million shares each, representing in total approximately 36 percent the company's voting stock.
A trading halt was imposed on the company's shares on 11 May and they last traded at $3.25.
Managing director, Bevan Slattery, said that, while previous funding sources were sufficient for its forecast growth path, new opportunities were emerging that, if executed, would offer the company even greater growth.
"Current profit growth is being driven by the substantial infrastructure assets and capabilities of the company being leveraged with increasing 'on-net' sales. The board wishes to continue to position the company to take advantage of new opportunities providing innovative products to secure our future growth and shareholder value."
David Bass
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