Jane Morgan Management
Highlights
- $5.0m institutional placement to pursue acquisition opportunities & accelerate organic growth initiatives
- Placement strongly supported by Australian institutional investors
- Placement was significantly oversubscribed
United Networks Limited (ASX:UNL) ("United Networks" or "the Company") is pleased to announce
that it has received binding commitments from institutional and sophisticated investors to raise gross
proceeds of $5.0m by way of a share placement ("Placement").
Taylor Collison acted as Sole Lead Manager to the Placement. There was significant interest and the
placement was scaled back.
The funds raised through the Placement will be used to pursue potential acquisition opportunities in
the telco and IT/managed services sector, while also accelerating organic growth initiatives.
With this Placement, the Company welcomes a number of prominent institutional investors to its
share register, providing a strong endorsement for the Company's growth strategy.
A total of 79.4 million fully paid ordinary new shares will be issued at a price of $0.063, which
represents a 10% discount to the last closing price of UNL shares.
In FY2020 United Networks had a transformational year with a 440% increase in aggregated revenue
to $16.3 million on the prior corresponding period and underlying EBITDA of $1.7M. The Company
has completed 6 acquisitions in the last 12 months.
United Networks CEO, Victor Tsaccounis,
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