SPP coming, page-2

Via afr

"Stockbroker Morgans is seeking to raise $40 million in an institutional placement for Bevan Slattery's Superloop.

Stockbroker Morgans is seeking to raise $40 million in an institutional placement for Bevan Slattery's Superloop.

It's understood the broker approached potential backers late on Wednesday, seeking support for the raising at $1.90 a share. Superloop closed at $2.12 on Wednesday.

A deal is expected to be announced on Thursday.

Funds raised would be put towards construction of a new network in Hong Kong. It's understood the company also secured immediate access to an existing network, which meant it could start making sales into Hong Kong straight away.

The placement was expected to be followed by a share purchase plan to existing investors.

Investor sources said Morgans, which floated Superloop in June, was leading the raising.

Superloop is led by executive chairman Bevan Slattery. The company floated at $1 a share earlier this year and has since traded above $2."