Mobile and energy player Amaysim (ASX: AYS) completed a $35.1m rights issue last week and one shareholder stood out.
The University of Notre Dame du Lac bought over 5 million Amaysim shares for $3m last Wednesday. The transaction was conducted through Nebraska-based asset manager CLS Investments.
The Indiana Catholic research university already held 10.5 million shares but this purchase takes its stake to 15.6 million shares — 5.86 per cent of the company.
Amaysim launched back in 2010 as a telco, but has diversified into energy and the latter is now 54 per cent of its revenue. Its mobile service utilises Optus’ 4G Network for data and 3G network for calls.
Amaysim’s energy service is provided through Click Energy, which was planning to list in its own right before being acquired by Amaysim in early 2017.
While Amaysim has previously been profitable, its recent half yearly showed a net loss after tax of $5m.
The company blamed an impairment charge and noted its underlying EBITDA was $10.6m and revenue was $263m.
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CEO Peter O’Connell told the market, “Whilst the industry conditions are likely to remain challenging in the near-term, amaysim will work hard to maintain its position as the customer champion in mobile”.
The company is seeking another $15m from retail investors and expects to close the offer in two weeks.
Shares were flat in early trading, although they have declined by over 40 per cent in the last year.