Aussie Broadband has made a late night application to the Federal Court in Melbourne for permanent and interlocutory injunctions to set aside Superloop’s notice that they have to sell millions of dollars’ worth of shares in the Singapore based Company.
Shares in the broadband Company dropped 1.3 per cent after it filed the “urgent” request”.
Yesterday we reported that shares in the Company had already fallen over 20% following their fallout with Superloop, that saw the business issued a notice under its constitution directing Aussie Broadband to dispose of 37,621,056 ordinary shares to reduce ownership in the business from 19.9% to under 12%.
Superloop claimed, the move was taken in an effort to force Aussie Broadband to comply with Singaporean regulations related to share purchases.
Aussie Broadband has submitted an application to the Info-communications Media Development Authority of Singapore (IMDA) to obtain approval for the acquisition of the excess shares, claiming earlier its failure to meet the requirement was “inadvertent”.
The initial share slump came after Origin Energy terminated its deal with Aussie Broadband and signed up with Superloop.