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Megaport (ASX:MP1) - CEO, Vincent English
CEO, Vincent English
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  • IT service provider, Megaport (MP1) has successfully completed a $50 million share placement
  • More than 5.2 million shares were issued to institutional, sophisticated and professional investors at $9.50 each
  • Megaport will also be offering a share purchase plan which enables eligible shareholders to subscribe for $30,000 worth of shares
  • This will raise an extra $15 million for the company
  • Money raised will be used to speed up sales and product development, expansion opportunities, and funding capacity for future operations
  • Company shares are down 3.64 per cent and currently trading for $10.05 each

IT service provider, Megaport (MP1) has successfully completed a $50 million share placement.

Approximately 5,263,158 fully paid shares were issued to institutional, sophisticated and professional investors at a price of $9.50 each.

This price represents an 8.9 per cent discount to Megaport’s last closing price of $10.43 on April 7.

Money raised will be used to speed up sales and product development, expansion opportunities, and funding capacity for future operations.

Just yesterday, Megaport announced that it will also offer Australian and New Zealand shareholders the opportunity to take part in a share purchase plan.

Eligible shareholders will be able to apply and subscribe for up to $30,000 worth of new shares to raise an additional $15 million.

Megaport was created in 2013 to provide customers with an easier way to connect with services, providers, and networks that are needed for day-to-day operations.

It provides internet connection, optimisation, and cloud connectivity to its wide customer base that spans across Australia, North America, Europe, and Asia.

Megaport’s services can be accessed via tablet, mobile, or computers.

Company shares are down 3.64 per cent and are trading for $10.05 each at 2:39 pm AEST.

MP1 by the numbers
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