Megaport Limited Announced the Sell Down of 3,300,000 Shares held by Founder Bevan Slattery

A global leading provider of Elastic Interconnection services, Megaport Limited (ASX: MP1) is on its journey of revolutionising global connectivity. Founded in the year 2013 by industry expert and entrepreneur Bevan Slattery, Megaport Limited has established itself as a giant player in elastic interconnection services space.

Bevan Slattery is also a significant long-term shareholder of the company and currently he is serving as Megaport Chairman. In an announcement made on Tuesday 21 May 2019, the company announced the sell down of 3,300,000 shares (equivalent to 2.46% of the Company’s issued capital) in the Company held by Mr. Bevan Slattery.

The sale of 3,300,000 shares was underwritten by UBS AG, Australia Branch at a price of $5.11 and distributed to institutional investors. After the sale, Mr. Slattery will still hold 18,162,607 shares in the Company (equivalent to 13.52% of the Company’s issued capital). Mr. Slattery is planning to use the proceeds to fund early stage development of two new technology ventures.

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Mr. Bevan Slattery intends to remain a significant long-term shareholder in Megaport and he is currently having no intention of selling any further shares in the next 12 months.

In the third quarter of FY19 performance, the company delivered solid performance with new and expanded Ecosystem partnerships. The company’s total services grew by 19% and its Monthly Recurring Revenue increased by 15% in the quarter. While continuing to grow the company’s overall Ecosystem and footprint, the company drove consistent increases in all metrics and regions in 3Q FY19.

Q3 FY19 Performance (Source: Company Reports)

In the coming quarters, the company will maintain its focus on increasing the adoption of services on its platform. The company will try to achieve this, by adding more cloud on-ramps and service provider options. In 2019 March the company completed its $50 million fully underwritten share placement, fund of which will be used to expand into key regions, markets, and locations.

The company will also develop more features and capabilities while deepening the integration of its platform with cloud providers. With the launch of new features for Megaport Cloud Router (MCR 2.0) scheduled for release in June quarter, the company’s customers and partners will be able to unlock powerful new cloud connectivity use cases.

Megaport is committed to exceeding the expectations of its customers and partners and supporting their success as they transform their business within the cloud. By focusing on innovation, service, and unparalleled features, Megaport is well placed to accelerate its industry leading position.

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. In the past six months, the share price of the company increased significantly by 44.99% as on 20 May 2019. At the time of writing, i.e., on 21 May 2019 AEST 2:02 PM, the stock of the company was trading at a price of A$5.290, down 1.121% during the day’s trade with the market capitalisation of ~A$718.85 Mn. Its 52 weeks high price is $5.840 and its 52 weeks low is $3.030 with a market capitalization of circa $718.85 million.


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