The company offered each eligible shareholder the opportunity to participate in the SPP offer to raise $10 million.

The details of the SPP were distributed to eligible shareholders on 15 September 2021 and closed on 1 October 2021. As set out in the SPP Booklet, the company reserved the right to accept over-subscriptions and as a consequence of the high demand it has been decided to accept a total of approximately $20 million, the company said.

Following the close of the SPP, Aussie Broadband managing director Phillip Britt said the company was humbled by the support shown by shareholders both in the recent Placement and the SPP.

“Despite doubling the size of the SPP raise, we know the level of scale back will be disappointing for many,” he said. “We hope to repay the faith our shareholders have shown us by continuing to deliver value to them as we execute our strategy.”

Aussie Broadband said that in line with the SPP timetable, the shares will be allotted on 8 October 2021 and shareholders can expect their refund of over-subscriptions on or about 11 October 2021.