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Major Cygnett Shareholder Buys Into New ISP

The major shareholder in Melbourne based accessories Company Cygnett is now a key shareholder in Aussie Broadband whose share price nearly doubled on the company’s first day of trading last week.

David Swann has a 4.35% share of the recently listed ISP. Via David Swann Holding Company Pty Ltd.

The shares are currently trading at $2.02 after peaking at $2.22 earlier this week.

The initial public offering offered 40 million shares at $1, 75 per cent of which went to institutional investors and 25 per cent to Aussie Broadband customers.

Managing director and chief executive Phillip Britt said he was “ecstatic” about the result.

Aussie Broadband’s core service is NBN retail with the Company now targeting Telstra and Optus customers while going head to head with TPG.

Aussie Broadband sells NBN’s most popular 50-megabit-per-second plan for $79 a month. TPG, by comparison, charges $69.99.

The company is now the country’s fifth biggest NBN retailer, with a total of 300,000 customers.

Mr Britt said the capital raised would be used “to accelerate infrastructure development, acquire new customers and expand its business product offering”.

Aussie Broadband was formed in 2008 with the merger of two Victorian businesses – Wideband Networks, founded by Mr Britt and his partner John Reisinger in the Latrobe Valley, and Westvic Broadband, based in Warrnambool. The IPO was managed by Shaw and Partners.

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