Aussie Broadband denies speculation around Superloop stake
Make us a preferred source
Make us a preferred source on Google
The news: Aussie Broadband has said it "categorically denies" speculation that at the time the telco purchased a 19.9% stake in Superloop in February, it was aware it would lose its contract with Origin Energy to its ASX rival.
The numbers: Superloop replaced Aussie Broadband as Origin Energy's wholesale internet services provider last week, after agreeing a six-year contract with the energy major.
On Monday, Aussie Broadband said that it was told to reduce its shareholding in Superloop, after failing to seek the relevant regulatory approvals before acquiring a 19.9% stake in the company last month.
Superloop instructed Aussie Broadband to sell 37.6 million shares within 10 working days, to bring its total shareholding to below 12%, in line with provisions in its constitution.
On Tuesday, Aussie Broadband announced that it had commenced "urgent" proceedings in the Federal Court of Australia against Superloop, in a bid to maintain its 19.9% shareholding in its telco rival.
The context: Aussie Broadband has reiterated previous comments relating to the termination of its contract with Origin, claiming the notice was "unexpected" and that it was "engaged in negotiations with Origin towards the renewal of the agreement right up to the time the termination was received".
What they said: "Any suggestion to the contrary is, simply, false," it said.
The source: ASX announcement
