In an announcement today, the company received binding commitments from investors to help fund potential acquisition opportunities.
United said it aims to explore acquisitions in the telco and IT managed services sector, while also investing in organic growth initiatives.
Chief executive Victor Tsaccounis said, “the company is delighted with the strong support for the share placement, and is pleased to welcome a number of high-profile domestic institutions as well as new sophisticated investors to the United Networks share register, many of whom have significant telco investment expertise and experience.”
“The company is now well positioned to more aggressively pursue its acquisition and organic growth strategy in the telco and managed services space. We look forward to updating the market as these opportunities develop.”
Through the placement, United issued 79.4 million fully paid ordinary new shares at a price of 6 cents, representing a 10 percent discount to the last closing share price.
United has been on an acquisition spree, most recently acquiring Sydney-based Red Telecom earlier this month. The company also acquired Sydney-based C3 Innovations in August and Broadland Solutions in 2019.