MEGAPORT PLACED IN TRADING HALT FOR EUROPEAN EXPANSION

Written on the 28 July 2016 by Brisbane Business News

MEGAPORT PLACED IN TRADING HALT FOR EUROPEAN EXPANSION

MEGAPORT (ASX: MP1) has been placed in a trading halt for a proposed capital raising.

The Brisbane company also proposes the execution of transaction documents for a European acquisition.

The trading halt applies from the commencement of trading today, Thursday 28 July, through to commencement of trading on Monday 1 August or earlier.

Megaport last traded at $2.06, and has been within 15c of this range for almost a month. The company traded at a high of $3.80 in February.

Founded by tech-and-telco entrepreneur Bevan Slattery, of NEXTDC (ASX: NXT), Superloop (ASX: SLC) and now defunct PIPE Networks (ASX: PWK) origins, Megaport listed on the ASX in December 2015, issuing shares at $1.25 each through an IPO.

The company listed to serve ambitions to rapidly expand into North America, Europe and Asia data centres. 

The heavy infrastructure required to do so means Megaport's costs have been high, with the company taking a $9.9 million loss for the half year to December. However, cash reserves have been high on average, Megaport holding $25.44 million in the bank at the end of the December reporting period.

In February, Megaport CEO Denver Maddux told Business News Australia a recent partnership with Amsterdam Internet Exchange meant big things for the company's European expansion.

More Megaport:


Author: Brisbane Business News Connect via: Twitter

Latest News

COCHLEAR R&D INVESTMENT DRIVES NEW PRODUCTS AND BOOSTS PROFIT AND REVENUE

COCHLEAR (ASX: COH) has boosted its 2017 full year net profit by 18 percent to $223.6 million and has forecast furthe...

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

TREASURY WINES UNCORKS SWEET $269M PROFIT DESPITE INVENTORY WOES

REVEALING the fruits of its past year of labour, Treasury Wine Estates (ASX: TWE) has posted a 55 per cent increas...

TATTS GROUP POSTS PROFIT AND REVENUE DROP ON FEWER JACKPOTS AND BAD WEATHER FOR RACING

TATTS Group (ASX: TTS) has posted a full year net profit loss of 5.7 percent and a revenue decline of 8.4 per cent as...

Related News

WESFARMERS BOOKS BUMPER PROFIT BUT SUPERMARKET WAR HITS COLES' BOTTOM LINE

SUPERMARKET giant Coles has posted its biggest slide in earnings since it was acquired by Wesfarmers (ASX: WES) 10 ye...

ANALYSTS PREDICT WHAT AUSSIE LIVING IS LIKELY TO BECOME IN THE NEXT CENTURY

AS THE Australian population continues to grow, analysts are predicting what the country is likely to look like wi...

SEVEN WEST REPORTS MASSIVE LOSS AND CUTS CEO TIM WORNER'S PAY PACKET BY $450K

SEVEN West Media (ASX: SWM) has posted a full-year loss of $744.3 million and cut CEO Tim Worner's pay packet by ...

HOW MAKING MISTAKES AND PASSION SCORED WEIGHT LOSS PARTNERS A DEAL WITH SHARK TANK'S JANINE ALLIS

THEY partnered up to provide a scientific and targeted approach to dieting, and Kate Save and Geoff Draper cut Sha...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter