AFR: Field Solutions Holdings in $15 million placement

Canaccord Genuity and Petra Capital are raising $15 million for ASX-listed rural telecommunications carrier Field Solutions Holdings Limited.

The placement was priced at 16.5¢ share, or a 2.8 per cent discount to Field Solutions’ 17¢ five day volume weighted average price, according to a term sheet sent to potential investors.

The company is in a significant expansion phase, and planned to build 16 new networks. On completion, it would take Field Solutions’ network to about 187,000 square kilometres, the term sheet said. This will make it the largest non-NBN fixed wireless network in Australia, it said.

Field Solutions is majority owned by Convergent Technology, which owns 38.6 per cent of the company and Kestrel Growth Companies, which has 13 per cent.

Canaccord Genuity and Petra Capital were joint lead managers and joint book runners. They had capacity to take oversubscriptions, the term sheet said.

The offer was scheduled to close at 3pm on Wednesday.

Source: The Australian Financial Review