ASX-listed United Networks is prepared to run after various acquisitions after the company increased $5 million in capital via a share placement.
Investors have committed to the company by helping fund possible acquisition opportunities.
The company will be focusing on inspecting acquisitions in the telco and IT managed service sector, while at the same time it will also be putting money into organic growth initiatives.
“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,” Victor Tsaccounis, the Chief executive said.
“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.”
United will be able to issue 79.4 million completely paid regular new shares for 6 cents, which will establish a 10% discount which will last the closing share price while using the placement.
Recently, United has taken over Red Telecom, C3 Innovations and Broadband Solutions as well, going in an acquisition spree.