Uniti Wireless is considering yet another takeover of an internet rival

Uniti Wireless’s takeover appetite continues unabated.

UNITI Wireless shares have been placed in a trading halt as the company prepares to announce a takeover of Sydney fibre to the home business LBN Co.

Uniti will also go back to the market to raise money, with a figure of $100 million reported.

The Adelaide-based internet service provider has been on a rapid takeover spree since listing on the ASX on February 13.

It has acquired three companies and missed out on one more, and raised $15 million in June to fund its aggressive growth plans.

This follows the $13.2 million raised before it listed.

Uniti executive Vaughan Bowen followed a similar rapid acquisition process in building M2 from a small company to a $2.3 billion takeover target.

Uniti controversially sacked its co-founders Che Metcalfe and Sasha Baranikow the day after listing on the ASX.

Since then its shares have increased from 25c to $1.38.

LBN Co’s website says the business, launched in 2007, has “connected state-of-the-art access networks to over 70,000 homes and businesses’’.

“With over 20 years’ experience delivering mission critical systems to customers throughout Australia, our pedigree is the design, implementation and management of these systems for our corporate and wholesale partners.’’

The company has investors such as First State Super on its register, with a new investor group pitching in money last year.

Uniti told the ASX in its recent quarterly report that it had positive operating cash flow of $1.029 million for the quarter after excluding restructuring costs, which was up 53 per cent on a like for like basis.

“Uniti’s growth-by-acquisition agenda is enhanced by its strengthened balance sheet and substantially increased positive operating cash flows,’’ the company said.

“As a result, several advanced engagements with further strategic acquisition targets are underway and anticipated to be executed over the near term.’’

Ms Baranikow’s unfair dismissal claim against the company, in which she alleges she was bullied and that her marital status was a key factor in her dismissal, remains on foot in the Federal Court.

The company and its directors have lodged defences against the claim, alleging that Ms Baranikow was let go “due to her “poor performance and unsuitability for the job’’.

Uniti said the trading halt would remain in place until the start of trade on Tuesday, August 20.

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