Superloop (ASX:SLC) share price slips following successful retail offer

Shares in the telecommunications infrastructure company are wobbly after today’s announcement.
The post Superloop (ASX:SLC) share price slips following successful retail offer appeared first on The Motley Fool Australia. –

Superloop Ltd (ASX: SLC) shares are edging lower in midday trading today after the company announced it had successfully completed its planned retail entitlement offer.

At the time of writing, the Superloop share price is trading at 93.75 cents, 0.27% in the red from yesterday’s close.

Let’s dive into what happened this morning.

Successful retail entitlement offer

Back on 8 June, Superloop announced its intention to complete a fully underwritten $100 million equity capital raise.

The raise was to be completed via an entitlement offer of new Superloop shares totalling $51 million, plus an institutional placement to institutional investors, to raise $49 million.

The entitlement offer is comprised of an institutional component and a retail component, known as the ‘retail entitlement offer’.

Both the institutional placement and institutional component of the entitlement offer settled successfully on 17 June 2021, with a total of $78.8 million raised, according to the company.

Today’s announcement outlines that the retail entitlement offer settled on 29 June, raising $21.2 million. Approximately 22.8 million new Superloop shares will be issued under this offer on 6 July, the company stated.

The new shares issued under the offer are expected to commence trading on the ASX from 7 July.

Superloop share price snapshot

The Superloop share price has largely walked southwards since 1 January and is currently around 10% in the red since then.

Superloop shares are also down by around 7% over the previous month but have traded up by around 1% over the previous 5 sessions.

Over the last 12 months, Superloop shares have posted a loss of almost 13%, which is well below the S&P/ASX 200 Index (ASX: XJO)’s return of around 20% over this time.

With the current Superloop share price of 93.75 cents, the company has a market capitalisation of around $423.5 million. It is currently trading off its 52-week high of $1.25.

The post Superloop (ASX:SLC) share price slips following successful retail offer appeared first on The Motley Fool Australia.

Should you invest $1,000 in Superloop right now?

Before you consider Superloop, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Superloop wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

The Superloop (ASX:SLC) share price is on a rollercoaster ride today
Top brokers name 3 ASX shares to buy today

The Superloop (ASX:SLC) share price seesaws on successful capital raise
ASX 200 rises, EML up, Ansell announces CEO

Superloop (ASX:SLC) shares remain halted amid cap raise and acquisition

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended SUPERLOOP FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!