Superloop's response to ABB's legal action

Superloop Limited (ASX: $SLC) issued a notice to Aussie Broadband Limited (ASX: $ABB) to dispose of 37,621,056 ordinary shares, aiming to reduce Aussie Broadband's voting power in Superloop to less than 12%. This action was taken following Aussie Broadband's acquisition of 19.9% voting power in Superloop without the prior approval of the Info-communications Media Development Authority (IMDA) in Singapore, as required by Superloop's constitution.

Superloop's Commentary on Legal Proceedings

Superloop refers to the announcement today from ABB about legal proceedings that ABB has commenced in the Federal Court of Australia, seeking to set aside the direction given by Superloop to ABB to dispose of such number of SLC shares to take ABB's holding below 12%. In light of ABB's ongoing breach, Superloop welcomes the prompt resolution of this matter and will keep the market advised of any material developments in relation to the proceedings.

Summary of Superloop's Response

Superloop Limited (ASX: $SLC) has taken action to address Aussie Broadband Limited's (ASX: $ABB) acquisition of voting power in Superloop without prior approval, as required by Superloop's constitution. In response to ABB's legal proceedings seeking to set aside the direction given by Superloop, the company aims for a prompt resolution of the matter and commits to keeping the market informed of any significant developments. Superloop's purpose is to enable better internet for Australian homes and businesses, providing connectivity and services to customers in three segments of the market: consumer, business, and wholesale. The company leverages its investments in physical infrastructure assets, including fibre, subsea cables, and fixed wireless, to support challenger retail brands and meet the connectivity needs of hundreds of thousands of homes and businesses every day.