Phillip Britt Ceases as Director of Aussie Broadband
Aussie Broadband Limited (ASX: ABB) has lodged an Appendix 3Z Final Director’s Interest Notice with the ASX, confirming that Phillip Britt ceased to be a director of the company on 24 March 2026. The notice was filed under ASX Listing Rule 3.19A.3 and section 205G of the Corporations Act.
The Appendix 3Z filing lodged with the ASX confirms Phillip Britt’s cessation as director on 24 March 2026. [Business News Australia]
The filing records Britt’s final relevant interests in Aussie Broadband securities as at the date of his departure. His last interest notice prior to this filing was dated 27 February 2026.
The departure adds to recent board activity at Aussie Broadband. The company has now seen multiple director changes in a concentrated period during February and March 2026.
Why Final Director Interest Notices Matter to Shareholders
An Appendix 3Z is a mandatory ASX disclosure. It is filed whenever a director leaves a listed company. The document records the director’s final holding of securities, any interests held through associated entities and any relevant interests in contracts at the time of departure.
The notice exists to give shareholders a clear and complete picture of a departing director’s exposure to the company they are leaving. It protects market integrity by ensuring all material interests are on the public record before the director’s obligations to the company end.
In Britt’s case, the filing contains several details shareholders should read carefully.
What Phillip Britt Held at the Time of Departure
The Appendix 3Z filing discloses three categories of interest.
Registered Securities
Phillip Britt held 898,435 options in Aussie Broadband as the registered holder at the time he ceased to be a director on 24 March 2026.
Interests Through Associated Entity
Britt also held an indirect interest through Digital Interworks Pty Ltd, a company associated with him. Digital Interworks Pty Ltd held 11,284,734 ordinary shares in Aussie Broadband. These shares were not registered in Britt’s name directly but fall within the definition of notifiable director interests under the Corporations Act.
Interest in Contracts
This is the section of the filing that requires the most attention from shareholders.
Digital Interworks Pty Ltd has entered into a Diversified Asset Loan Agreement with Australia and New Zealand Banking Group Limited (ANZ). The loan was arranged to provide funding for a community-focused fibre venture being undertaken by Phillip Britt and companies associated with him in the Gippsland region of Victoria.
Under the terms of that loan, 4,500,000 ABB ordinary shares owned by Digital Interworks Pty Ltd have been pledged as security to ANZ. The loan contains financial covenants. If those covenants are breached and not remedied within the required timeframes, the shares provided as security could be disposed of.
The filing notes that any covenant breach could be cured through a range of mechanisms. These include the provision of additional security, the provision of additional funding or a reduction in the loan amount. As of the date of filing, the 11,284,734 ordinary shares continue to be held by Digital Interworks Pty Ltd.
Where This Sits in the Context of Recent ABB Board Activity
Britt’s departure on 24 March 2026 follows a period of concentrated board change at Aussie Broadband. Earlier in February 2026, non-executive director Graeme Barclay resigned after accepting an executive chair role at Green Square DC. Non-executive director Sarah Adam-Gedge also converted 5,043 NED rights into ordinary shares at A$3.966 per share on 24 February 2026 under the company’s fee salary sacrifice plan.
Recent board changes at Aussie Broadband highlight an active period of governance transitions in early 2026. [Facebook]
The Company is headquartered in Morwell, Victoria and operates across five business segments, including Residential, Business, Wholesale, Enterprise, Government, and Symbio. It ranks among the top five NBN providers in Australia by subscriber count.
Timeline of Key Events
On 27 February 2026, Phillip Britt lodged his previous director interest notice. On 24 March 2026, Britt formally ceased to be a director of Aussie Broadband Limited. On 24 March 2026, the Appendix 3Z Final Director’s Interest Notice was lodged with the ASX. The ANZ loan secured against 4,500,000 ABB ordinary shares held by Digital Interworks Pty Ltd remains in place as at the date of filing.
What Investors Should Note About the ANZ Loan Security
The loan security arrangement is a material detail in this filing. A total of 4,500,000 ABB ordinary shares have been pledged to ANZ as security against a loan held by Digital Interworks Pty Ltd.
This does not mean those shares will be sold. The filing makes clear that covenant breaches, if they occur, can be remedied through multiple mechanisms. However, investors should be aware that a forced disposal of those shares is a contingent possibility under the loan terms if covenants are breached and not cured.
Digital Interworks Pty Ltd continues to hold all 11,284,734 ordinary shares as at the date of the filing. No disposal has been disclosed.
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Aussie Broadband (ASX: ABB) — Live Market Data, March 24, 2026
Aussie Broadband (ASX: ABB) traded at A$4.865 on March 24, 2026, up A$0.105 or 2.205% on a volume of 502,113 shares. The Company holds a market capitalisation of approximately A$1.39 billion, with a P/E ratio of 53.81 and a dividend yield of 1.01% fully franked.
Aussie Broadband Limited Share Price [ASX]
For the first half of FY26, Aussie Broadband reported revenue of A$637.83 million and net income of A$5.07 million, alongside an interim dividend of A$0.024 per share.
FAQs
Q1. What is an Appendix 3Z filing?
A1. It is a mandatory disclosure lodged with the Australian Securities Exchange that details a departing director’s final shareholdings and financial interests in a company.
Q2. Why did Phillip Britt leave Aussie Broadband Limited?
A2. The filing confirms his departure but does not state a reason, as Appendix 3Z notices focus on financial disclosures rather than exit explanations.
Q3. How many shares does Phillip Britt still control indirectly?
A3. Through Digital Interworks Pty Ltd, he holds 11,284,734 ordinary shares in Aussie Broadband.
Q4. What risk does the ANZ loan pose to shareholders?
A4. The loan with Australia and New Zealand Banking Group Limited is secured by 4.5 million ABB shares. If covenants are breached and not resolved, those shares could be sold, potentially affecting the stock price.
Q5. Is Aussie Broadband undergoing major leadership changes?
A5. Yes, recent exits and share-related activity involving directors indicate a period of governance transition at Aussie Broadband Limited in early 2026.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on ASX announcements released by Aussie Broadband Limited (ASX: ABB) and publicly available market data as of March 24, 2026. Share price and market capitalisation data reflect figures at the time of publication. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies or organisations mentioned.
Sources
https://www.aussiebroadband.com.au/media-centre/aussie-broadband-joins-the-s-p-asx-200-index
