Aussie Broadband ordered to sell 37.6M shares by March 9th due to unapproved Superloop stock purchase.
Aussie Broadband, a top Australian residential broadband provider, was ordered by rival Superloop to sell 37.6 million shares by March 9th due to not obtaining approval from Singapore's IMDA for a February stock purchase. This move follows Aussie Broadband acquiring 19.9% voting power in Superloop without prior approval, which breaches Superloop's constitution. As a result, Aussie Broadband's share price dropped 4.5% to $3.39.
March 17, 2024
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