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Big shareholders face off at Ignite

Ignite's capital raising channelled nearly $3.7 million into its coffers and will reduce its reliance on debtor finance, but the company's major shareholders remain sharply opposed on their view of its future strategy.

Major shareholder Octavium Capital, which was the subject of a complaint to the Takeovers Panel by Ignite, is still pushing for board renewal and new management.

In a statement following the release of the Takeovers Panel full decision, Octavium points out that Ignite has now had "10-plus straight years of statutory or operating losses totalling over $34m on revenue of over $1.3b for the period and a continued share price that is anaemic at best..."