Friday, 30 November 2018 02:23

Investors tip $5 million into new Dubber capital raising Featured

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Australian-listed call recording platform provider Dubber (ASX: DUB) has completed a $5 million capital raising and says the funds will be used to meet increasing demand for its services and to further develop the business.

Dubber says it has received commitments for the $5 million capital raising placed with institutional and sophisticated investors.

The capital raising will result in the placement of 13,157,895 new fully paid ordinary shares at an issue price of $0.38per new share, and settlement of the placement and issue of 11,842,105 new shares is expected on 3 December.

The placement was supported by existing shareholders and institutional investors, with Morgans Corporate Limited acted as lead manager to the placement.

“We believe that the company is in a dominant position in the telecommunications service provider sector as those providers move increasingly towards adoption of cloud services as part of their core infrastructure offerings,” Steve McGovern, managing director, said.

“We are pleased to receive continual support from existing institutional investors and welcome new participants as we grow a business which has global scale and has validation from some of the world’s largest organisations.

“The company will use the proceeds of the placement to continue its progress regarding growth in the key metrics of user numbers, revenues and network agreements for which it has a receptive market.”

As reported by iTWire last month, Dubber reported record growth in contracts for services with telecommunications service providers in the final quarter of the 2018 financial year.

Releasing its 2018 investor report, Dubber said 19 new service providers had agreed to take the Dubber Platform during the quarter – compared to 38 existing agreements secured over a 30-month period.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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