Media release: Clayton Utz advises Tattarang on proposed ASX listing of Swoop and NodeOne
Perth, 11 March 2021: Clayton Utz is advising Tattarang, one of Australia's largest private investment groups, on the proposed ASX listing of Swoop Telecommunications and NodeOne.
Swoop Telecommunications is a fixed wireless and wholesale network infrastructure carrier based on Australia's east coast. NodeOne is a fixed wireless broadband provider and licensed telecommunications carrier based in Western Australia.
The listing will be effected via Stemify Ltd (ASX: SF1), with the re-listed company to be renamed Swoop Holdings Limited.
Perth Corporate partner Mark Paganin and special counsel Stephen Neale are leading the Clayton Utz team that is working alongside Tattarang's team, with key support from lawyer William Davies (Corporate) and partner Peter Feros and special counsel Cameron Forbes (Tax). Clayton Utz acted for Tattarang on its original investments in Swoop and NodeOne. Tattarang has significant investments in each of Swoop and NodeOne, and is expected to hold a significant shareholding in Swoop Holdings post-listing.
Under the transaction, Stemify has agreed to acquire 100% of each of Swoop Telecommunications and NodeOne in a deal valued at approximately $61.3 million, via the entry into three inter-conditional share purchase deeds.
The transaction is subject to certain conditions precedent, including shareholder and regulatory approvals. Stemify will seek to raise $20 million pursuant to a public offer under a prospectus at an issue price of $0.50 per share. Funds from the capital raising will be used forwards fixed wireless network expenditure and deployment, marketing and customer acquisition and the acquisition of complementary businesses among other things.
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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.