Smart is boosted by €55m deal

SMART TELECOM has raised €55.2 million in new funding.

This involved placing 150 million new ordinary shares at 20p per share (worth €44.4m) and a debt equity conversion of €10.8m.

Oisin Fanning, Chief Executive of Smart Telecom said the placing provides funding “to deliver the aggressive rollout of our corporate and residential services in Ireland.”

The new ordinary shares will commence trading after the December 2 AGM.

The debt equity conversion will result in the issue of 36,705,729 new ordinary shares.