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SWP - SWOOP HOLDINGS LIMITED


nipper
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Swoop Holdings Ltd (SWP) listed on the ASX today; very much an insiders splash, as the pathway was via listed entities (a backdoor listing). It raised $20 million at 50c a share in an IPO that was heavily oversubscribed. It closed at $1.25 on Day One.

 

On 07 Dec, 2018, Robo 3D Limited (RBO) changed its name and ASX code to STEMify Limited (SF1).

On 26 May, 2021, Stemify Limited (SF1) changed its name and ASX code to Swoop Holdings Limited (SWP).

 

Swoop Holdings Ltd (SWP) is an Australian proprietary company, focused on a fixed wireless and wholesale network infrastructure carrier with a high performance national and international network that is an alternative provider to the large carriers for delivering services in Australia. SWP is based in both NSW and Victoria, with offices in Sydney, Gosford and Warragul. SWP also provides services over the NBN fixed line and fixed wireless networks nationally to residential and SME customers who cannot connect to the Swoop fixed wireless network.

 

SWP operates under 3 brands; Swoop Wholesale, Swoop Business and Swoop Broadband. The Company has completed the acquisition of:

1. 100% of the shares in Cirrus Communications Pty Ltd (Swoop);

2. 58.90% of the issued capital in N1 Telecommunications Pty Ltd (NodeOne); and

3. 100% of the issued capital of Fiwi Pty Ltd which in turn holds the remaining 41.10% of the issued capital of NodeOne,

 

Swoop operates one of the country's largest fixed wireless networks with 246 towers spread across all states and has plans to build more towers and gobble up rival operators. The Chairman, James Spenceley, said Swoop would look to play to its strengths in outer suburban and regional areas rather than well serviced and highly competitive inner city markets dominated by Telstra, Optus, Vocus and TPG.

 

Mr Spenceley said there could be a round of consolidation in the sector similar to the period late in the 2000s and early in the 2010s when the likes of Vocus, TPG and iiNet were making acquisitions. He said some small businesses had grown to a scale that made them attractive takeover targets.

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  • 1 month later...

Swoop making true to its announced intentions: ... looking to acquire Beam Internet, the largest privately owned fixed wireless network in regional South Australia, for a total enterprise value of $7.2 million.

Beam Internet offers fast and affordable high speed Wireless Broadband on its own network of over 60 towers and masts and has more than 3,600 on net residential and SME services in operation. The Beam network covers the Fleurieu Peninsula, Barossa, Kangaroo Island, Mid North, Murray Bridge and South East regions in South Australia, and also parts of the West Victoria and Mallee regions in regional Victoria.
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  • 4 weeks later...

and another tie up as a preferred NBN Retail Service Provider

Swoop has secured a 5 year contract (via its wholly owned subsidiary Node1 Pty Ltd , known as NodeOne) worth over $5m with Orro Group to provide NBN Enterprise Ethernet services across Western Australia.

This solution will bring high speed fibre connectivity to over 150 locations all over WA utilising NodeOne direct connectivity to all 14 NBN Points of Interconnect (POIs) across the State.

up 15%

 

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  • 1 month later...

pushing up quite nicely on the back of the first set of results... After a hesitant start when it listed, Swoop has more than doubled since July. ... now $2.31

 

As well as looking to lock in recurring revenue and keeping a lid on Capex, there has been a set of acquisitions that will bode well for the future

  • ... Scale & Acquisition Synergies beginning in FY22 and full benefits into FY23
  • ... Significant larger acquisition opportunity set post listing
  • ... Majority of vendors are looking for predominantly scrip based transactions and interested to join the Swoop journey
  • ... Progressing acquisition debt facility
  • ... Current pipeline valuations are materially EV/EBITDA accretive
  • ... Hired experienced Systems & Integration leader
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  • 4 weeks later...

Swoop to Acquire Newcastle based Telco Countrytell

 

Transaction highlights

• Swoop has entered into an agreement to acquire 100% of the shares of Newcastle-based Countrytell Holdings Pty Ltd.

• Countrytell operates:

o a fixed wireless network comprising over 30 towers;

o one of Newcastle’s largest datacentres; and

o a recently completed CBD dark fibre network.

• The Purchase price is $4.2 million, comprising $2.1 million in cash (plus a payment representing the net cash as at the effective date for the acquisition) and $2.1 million in Swoop shares to be issued at the 30 day VWAP prior to Completion.

• The purchase price represents a 4.2 multiple of vendors’ expected FY22 EBITDA for Countrytell.

• Under the agreement, $630,000 of the cash consideration will be held back for 12 months for any potential claims and adjustments.

• The Swoop shares will be subject to 12 months escrow.

• The acquisition will be funded from existing cash reserves and is expected to complete by 31 October 2021

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• ~A$41.0 million fully underwritten institutional placement

• ~22.2 million new ordinary shares to be issued, representing 12.9% of Swoop's existing ordinary shares on issue

• A non underwritten share purchase plan will also be offered to eligible shareholders to raise up to A$5 million (max application size of A$10,000 )

• Placement Shares will be issued at a price of A$1.85 per Placement Share

 

4 Pillars: .... Fixed Wireless (Infrastructure). Residential. Business. Wholesale.

 

....and more acquisitions on the way.

FY22

Acquire complementary businesses across our key 4 growth areas

Invest in our people and systems to improve services for our customers

Expand infrastructure in regional areas with low speed alternatives

Scale & Acquisition Synergies beginning in FY22 and full benefits into FY23

Build the next large scale National Telecommunications Company

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