News: SLC Asx alert-superloop acquires subpartners pty ltd-slc.ax

April 6 (Reuters) - Superloop Ltd (SLC) :

• Superloop acquires Subpartners Pty Ltd-slc.ax
• It has acquired all issued shares of subpartners pty ltd ("subpartners").
• Consideration for acquisition of subpartners is us$2.5 million
• Consideration will be satisfied by issue of 1.5 million fully paid ordinary shares in superloop at an issue price of $2.255
• Company will seek shareholder approval for issue of shares to Bevan Slattery, owner of 80% of issued capital of subpartners
• If shareholders do not approve issue of shares to slattery, he will be paid cash consideration equivalent to us$2 million
• If shareholders approve issue of shares to slattery, his holding in superloop will increase from 28.8% to approximately 29.1%
• Total capital expenditure by subpartners in relation to indigo cable systems is expected to be between us$35 million and us$37 million from fy17 until fy20
• Provided a guarantee in relation to subpartner's construction capital commitments to supplier as well as ongoing operating commitments
• "Has sufficient funding headroom to meet subpartners' capital and operational commitments within superloop's current debt facility"
• Subpartners is also responsible for procurement, provision, operation and maintenance of shore end infrastructure for indigo central in Sydney
• Subpartners will receive fees of approximately us$5.3 million from Indigo Consortium over fy17 and fy18