NextDC to raise $20 million

NextDC to raise $20 million

So far, NextDC has raised $150 million to help fund its business strategy and growth plans

ASX-listed datacentre provider, NextDC (ASX: NXT), is planning to raise $20 million following an announcement earlier this month to raise about $50 million in equity.

This is subject to shareholder approval on September 15.

Since its inception, NextDC has managed to raise $150 million equity, which has been used to execute its business strategy and growth plans. The company began listing on the ASX in December.

The company states it is well placed to deliver revenue during the 2012 financial year following the opening of its Brisbane, Melbourne and Canberra facilities in the next 12 months.

Perth and Sydney are expected to become operational during the first half of the 2013 financial year.

For the 2011 financial year ending June 30, the company posted net loss after tax of $1.67 million, cash and cash equivalents of $62.10 million, net investments totalling $42.67 million and net cash outflow from operating activities of $750,000.

In a statement to the ASX, the company said as its facilities were nearing completion, its focus will shift from construction activities to revenue-generating phase.

“NextDC’s strong balance sheet, experienced team and secured datacentre sites with access to significant power and communications infrastructures, positions the company well to enable the cloud revolution by delivering a national network of independent datacentres,” NextDC CEO, Bevan Slattery, said.

The company was trading at $1.69 at the time of publication.

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Tags cloud computingNextDC

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