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Takeover talks between Superloop and Queensland Investment Corporation have come to an end.

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“The board in discussions with QIC have been unable to agree a transaction, and on that basis, the parties have decided to discontinue the period of exclusivity.âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ

 

It comes with speculation that Canadian private equity firm Brookfield could be a second bidder for Superloop following the $494 million QIC offer. The thinking is that founder and major investor Bevan Slattery could have a hand in drumming up a rival offer from a private equity group now that QICâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s exclusive due diligence period has ended.

 

Infrastructure funds are eager to buy telecommunications assets at a time when major pure-play infrastructure acquisition opportunities remain scarce.

 

Mr Slattery remains a major shareholder in Superloop and it is understood that some investors in the internet connections company want a price higher than the $1.95 a share offered by QIC. It is understood some see $2.20 as closer to its value.

- hasn't helped in that sp down to $1.70s. ..... Bird/ hand/ bush
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AARNet, Google, Indosat Ooredoo, Singtel, SubPartners and Telstra today announced that the INDIGO subsea cable system is now ready to be deployed by consortium members, following the on-schedule completion of the INDIGO West (4,600km Singapore to Perth) and INDIGO Central (4,600km Perth to Sydney cables.

 

Featuring new spectrum-sharing technology, each consortium member can independently leverage the new cable system to upgrade their networks and enable capacity increases on demand.

 

Spanning 9,200km, the INDIGO cable system will strengthen connectivity between Australia and the fast-growing Southeast Asian markets, providing lower latency and more reliable communication services. Using current coherent optical technology, the cable can support up to 36 terabits per second, the equivalent of simultaneously streaming millions of movies a second.

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[...in February] guidance for the 2019 financial year [was for ] statutory EBITDA of between $13 million and $18 million. This guidance was predicated on a number of factors, including that certain transactions were expected to complete and be recognised this financial year.

 

Despite its expectations to do so, the Company has not completed negotiations before 30 June 2019 to secure a significant commercial agreement which would have contributed the anticipated EBITDA to achieve its guidance for this financial year.

 

Accordingly, the expected EBITDA for FY2019 is now likely to be lower than that set out in the Presentation, and subject to the finalisation of Juneâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s trading figures and completion of its audited full year results, in the range of approximately $7 million to $8 million (including approximately $1 million of restructuring costs from February 2019).

 

Negotiations with parties will continue and if successfully concluded will be reflected in future earnings.

- confession season.
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INDIGO subsea cable now carrying live traffic and Australian national backbone network complete

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚¢ Infrastructure in place to further leverage Superloop's technology platforms for bandwidth-intensive in-building and on-campus demands in Australia, Singapore and Hong Kong

... with AARNET a co-investor, would you want to be investing in Aussie student hostels??

 

... and SLC came out with : " Updated FY20 underlying guidance doubling year-on-year to $14-$16m, excluding infrastructure transactions that are anticipated " but the SP didn't really "pop"

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It is understood SLC and its brokers have been testing investor appetite for a $80 million to $100 million equity raising, which would likely be done at a discount to the last close and likely via a placement of new shares. Fund manager sources said Canaccord Genuity had been introducing Superloop to potential investors.

 

Funds raised would likely be used to re-stock the company's balance sheet and allow the company's well regarded management team, led by Drew Kelton, to execute its business plan. Investor sources said pricing was expected to be pegged at about 75Ãâہ¡ÃƒÆ’‚¢ a share, adding that questions had been raised about the company's increased debt levels and ongoing capital needs.

 

Superloop had $70.3 million net debt as at June 30 and senior bank facilities worth $120 million that were due to mature in October 2021. It recently told shareholders that the company was compliant with its banking covenants as at June 30 and had a waiver in place "on key covenant tests until 30th September 2019". Superloop also said it was in talks with its lenders to restructure its facilities.

 

A $90 million-odd raising would represent about 35 per cent of its current market capitalisation. Superloop shares last traded at $1.01. Should it come to market as fund managers expect, it would be the second time this year it had rattled the tin in front of investors.

AFR

 

...."Capital Hungry" !! Last raise was at $1.25, a suitor @ $1.90 walked. Are we there yet?

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- fully underwritten two-tranche placement to institutional investors to raise approximately $55million ; and

- fully underwritten 1 for 6 accelerated non-renounceable entitlement offer of fully paid ordinary shares in Superloop to raise approximately $35 million

at 82c a share

 

- its a recapitalisation; going to paying back senior debt. Core infrastructure in place. Incremental further investment coming from customer growth.

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new CEO .... coming from NBN / TLS. Incumbent will transition to the board

With the unstoppable rise of the cloud, software defined wide area networking (SDWAN) and of course the NBN, the business market is experiencing a once in a generation disruption that Superloop is uniquely positioned to take advantage of.

For the first time, the internet has enabled all businesses from the smallest to the largest to access the productivity improvements that enterprise grade applications enable ... Superloop is set to be a strong catalyst of this change.
I guess he has seen what Telstra and NBN could not do.

 

and their blurb about the company : Superloop is a leading Asia Pacific independent provider of connectivity services designing, constructing and operating networks throughout the Asia Pacific metro region. The company owns and operates over 670kms of carrier-grade metropolitan fibre networks in Australia, Singapore and Hong Kong, connecting more than 310 of the region's key data centres and bandwidth intensive buildings. With extensive carrier grade, metro fibre networks in these markets and fixed wireless networks in Australia, Superloop delivers high-performance, connectivity solutions to businesses and homes underpinning the region's digital economy.

No mention of the (part owned) indigo cable to SE Asia; perhaps they are planning to spin it out?

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Mirrabooka has bought in.... put in $3.7mill. I guess that would be post August, and there would have been a meeting with management (or 2) prior.

We have also followed progress at Superloop (fibre telecommunications provider) and saw an opportunity to invest with the arrival of a well credentialed management team which has a focus on extracting greater returns from a valuable asset base.

still a work in progresss; SP treading water around a buck

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Superloop has been awarded a major, multi-year contract with Symbio (MNF Group Limited) (ASX:MNF) to become its exclusive supplier of wholesale nbn aggregation services. The contract, signed today, has an expected value in excess of $25m and is Superloop’s largest single contract win to date.

 

Under the contract, Symbio will migrate its existing and future supply arrangements from various providers of nbn aggregation services onto the Superloop Connect platform. The contract also anticipates Superloop expanding its existing use of Symbio’s range of voice offerings and including elements within its own portfolio of offerings.

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