Aussie Broadband seeks legal action against Superloop

Aussie Broadband Limited (ASX: $ABB) has initiated legal proceedings against Superloop Limited (ASX: $SLC) and its directors following a notice received from Superloop directing ABB to dispose of the legal and beneficial ownership in 37,621,056 fully paid ordinary shares in Superloop, or such lesser number as is required to give ABB voting power in Superloop of less than 12%.

Executive Commentary

ABB has commenced legal proceedings in the Federal Court of Australia against Superloop and its directors seeking injunctions to set aside the notice received and to restrain Superloop from acting upon it. ABB has also submitted an application to the Info-communications Media Development Authority of Singapore (IMDA) to obtain approval for the acquisition of the shares. The company takes its legal obligations seriously and will continue to work constructively to provide the IMDA with the necessary information to support its application for approval.

Summary

Aussie Broadband (ASX: $ABB) has taken legal action by initiating proceedings in the Federal Court of Australia against Superloop and its directors to seek injunctions to set aside the notice received. The company has also submitted an application to the Info-communications Media Development Authority of Singapore (IMDA) to obtain approval for the acquisition of the shares. Aussie Broadband remains committed to fulfilling its legal obligations and will continue to work towards obtaining the necessary approvals for the acquisition of the shares.