TPG issues $5m share purchase plan

TPG issues $5m share purchase plan

ISP TPG Telecom, fresh from raising $65 million via an institutional placement, hopes to raise a further $5 million via a share purchase plan.

The offer, for $1.58 per share, will open on February 11 and close on February 19. This is a 5.4% discount on TPG’s closing price on February 1, before the capital raising was announced.

This is the same price as the recently completed institutional placement, which saw the issuance of 41 million new shares.

The funds from the placements will be used to reduce the group’s net debt following the proposed acquisition of subsea cable operator PIPE Networks.

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Tags TelecommunicationsShare placementTPG Internet

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