Sharechat Logo

TeamTalk plans placement, rights offer to raise $8.7M

Tuesday 23rd October 2018

Text too small?

Telecommunications provider TeamTalk is planning to raise up to $8.7 million to help fund the expansion of its digital radio network and the upgrade of its Wellington fibre business.

The company will raise $2 million through a placement of 2.7 million shares at 75 cents each to selected institutions and investors. It will also raise about $6.7 million through a one-for-three renounceable rights offer creating about 10.3 million new shares at 65 cents a share.

TeamTalk shares closed last week at 82 cents. Both the placements and rights offer are underwritten by Forsyth Barr.

The company, which last year sold its Farmside rural internet service to Vodafone, is aiming to complete a new digital radio network across the country by June.

Its other main business – CityLink – is upgrading its Wellington service to provide a 5G-capable network in the CBD. The 18-month programme was initiated after the closure of the city’s trolley bus network required the undergrounding of much of the fibre network, using Powerco’s gas ducting.

TeamTalk expects to complete the placement today. The rights offer will open on Oct. 30 and close on Nov. 20.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ shares fell on global growth concerns
New Zealand dollar becalmed ahead of CPI data
Billionaire Aussie miner moves businesses to NZ in 'quixotic' CER gambit
RBNZ plucks bank capital numbers out of the air: Reddell
Genesis coal burn reached 5-yr high in 'unprecedented' conditions
Govt part-funds another $11m of low-emissions transport projects
January 22nd Morning Report
NZ dollar stalled ahead of CPI data; IMF trims global outlook
MARKET CLOSE: NZ stocks gain; investors seek value ahead of earnings season
NZ dollar drifts lower ahead of CPI; China GDP as expected

IRG See IRG research reports