Superloop and Aussie Broadband reach settlement

Superloop (ASX:SLC) announced the resolution of legal proceedings with Aussie Broadband Limited regarding shareholding issues. Aussie Broadband acquired 19.9% of Superloop's capital earlier this year. After instructions to reduce its stake, legal proceedings were initiated but have now been dismissed by mutual agreement.

Outcome and future outlook

Superloop has successfully resolved its legal dispute with Aussie Broadband over shareholding directives, signaling a return to operational stability. The resolution includes the dismissal of legal proceedings and a contribution from Aussie Broadband to Superloop's legal costs. Founded in 2014 and listed on the ASX since 2015, Superloop remains committed to expanding its internet service offerings across consumer, business, and wholesale segments. The company leverages its infrastructure investments to enhance connectivity for homes and businesses in Australia.

Executive insights on legal resolution

After further information was provided regarding the directive, Aussie Broadband decided to withdraw its allegations against Superloop and its directors. By mutual agreement, the proceedings will be dismissed, and Aussie Broadband has agreed to contribute to the legal costs incurred by Superloop and its directors.