NEXTDC falls on scrapped SPP

Management said the share purchase plan wouldn't proceed because of share price volatility, but given its high offer price it probably would have flopped.

If data centre operator NEXTDC (NXT) was hoping that the scrapping of the retail shareholders’ component of its equity raising would take the pressure off its share price, it would be disappointed.

The stock fell 1.2% to a 2½-month low of $2.44 this morning after management said it would not precede with its $10 million share purchase plan (SPP) due to “its recent share price volatility”.

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