Superloop surges past 250,000 Origin connections, triggers next milestone

Superloop reaches Milestone 4, triggering share issuance as part of its exclusive contract with Origin Energy.

Yesterday, Superloop Ltd (ASX: SLC) announced it has surpassed 250,000 Origin broadband subscribers on its network, reaching Milestone 4 of its long-term agreement with Origin Energy Ltd (ASX ORG).

A young woman pumps her fists in excitement after seeing some good news on her laptop.

Image source: Getty Images

What did Superloop report?

  • Over 250,000 Origin broadband subscribers now on the Superloop network (Milestone 4 achieved)
  • Triggers share issue obligation based on customer milestones
  • Milestone shares priced at the 30-day VWAP at milestone date
  • Shares subject to 12-month voluntary lock-up

What else do investors need to know?

Superloop's Origin contract is an exclusive six-year deal to provide wholesale internet services to Origin Energy Retail and its subsidiaries. The deal, secured in March 2024, has enabled Superloop to substantially grow its retail broadband subscriber base.

Each milestone achieved under the Origin contract triggers the issue of Superloop shares, pending shareholder and regulatory approvals. The shares issued for Milestone 4 are locked up for one year, aligning management's interests with long-term performance.

What's next for Superloop?

Looking ahead, Superloop will continue executing on its Origin partnership and remains focused on growing its position as a leading challenger in the Australian broadband market. Reaching Milestone 4 demonstrates progress in scaling its wholesale and retail internet offerings.

The company will seek required approvals to issue the new milestone shares and uphold its obligations under the Origin agreement. Superloop's strategy centres on innovation and customer growth as it leverages its infrastructure and software platforms.

Superloop share price snapshot

Over the past 12 months, Superloop shares have risen 34%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 9% over the same period.

View Original Announcement

Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

More on ASX Share Market News

A woman looks shocked as she drinks a coffee while reading the paper.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a brutal day on the markets this Thursday.

Read more »

A distressed young woman reads bad news on her smartphone while standing in a modern indoor setting.
ASX Share Market News

Why is the ASX down 176 points today?

Market slumps as RBA calls on banks to strengthen crisis preparedness plans.

Read more »

Woman holding her glasses and looking at her laptop.
Broker Notes

Buy, hold, sell: Deep Yellow, SGH, Telstra shares

We review three fresh buy, hold, and sell calls from expert market analysts. 

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

Which were the best-performing ASX 200 shares in September?

These shares didn't let a falling market stop them from racing higher last month.

Read more »

View of a row of blue and black server racks in a data centre.
Broker Notes

How high does Macquarie think Megaport shares will go?

Shares in this technology company are looking cheap, the broker says.

Read more »

Man analysing data on his laptop.
ASX Share Market News

5 things to watch on the ASX 200 on Thursday

Here's what to expect at the start of the month.

Read more »

A happy group of workers around a table raise their arms in the air as though celebrating a work achievement. One woman is on her feet with her arm raised in the air in a fist-pumping action.
Broker Notes

Brokers tip up to 67% for these 3 ASX shares

All three are rated a strong buy

Read more »

Multi-ethnic people looking at a camera in a public place and screaming, shouting, and feeling overjoyed.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a strong hump day on the ASX today.

Read more »