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NextDC in halt ahead of raising

Data centre company NEXTDC has entered a trading halt ahead of a capital raising, in order to build new facilities. The company filed a notice with the ASX this morning ahead of an announcement about the details of a raising to be made by April 23.

However as reported in Street Talk NEXTDC founder Bevan Slattery, was in Melbourne and Sydney this week making a 38-page PowerPoint presentation to existing and potential institutional investors.The presentation was called a late half-year results road show, but insiders were aware that NEXTDC has a 100% strike rate of following such presentations with equity offers. The company, which rents data centre floorspace, is expected to be putting together a A$50 million offer. It is understood brokers Moelis & Company and RBS Morgans have been asked to raise A$40 million in an institutional placement and another A$10 million from existing shareholders via a share purchase plan. NEXTDC is expected to recycle some capital through the sale and leaseback of its Perth and Sydney sites but is not expected to rule out further raisings down the track.

Source: Australian Financial Review

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