Everyone wants a piece of Slattery’s Superloop, except the man himself
Queensland tech guru Bevan Slattery’s Superloop has raised $79 million, far more than originally planned, under its institutional placement.
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But the company’s chairman Slattery has not taken up his entitlements and its retail offering, which was supposed to be worth $49 million but has been cut back to $21 million.
Superloop is raising the funds for its takeover of the privately-owned internet service provider Exetel.
In a notice to the ASX this morning, Superloop said the institutional offer was well supported by existing shareholders with 100 per cent taking up the offer.
It said the placement of the entitlements “not taken up by Bevan Slattery attracted strong demand from new and existing institutional and sophisticated investors”.
Before the offer, Slattery held about 17 per cent of the company he founded. There has been no explanation for why Slattery did not take up his entitlements or why the retail offering was cut back by more than half, but in its initial details about the offering it said all directors except Slattery would take up their entitlements.
Superloop said Slattery was the company’s largest shareholder and a longstanding supporter but the decision on whether or not to invest was a personal one.
The institutional offer was slated to raise about $51 million and retail investors would get the remaining $49 million in stock.
