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Maxo Telecommunications has increased its offer for Vonex from 3.75 cents a share to 4.19 cents in a revised scheme of arrangement to acquire the company.
The revised scheme also represents a 131 per cent premium to the 30-day volume-weighted average price of 1.82 cents as of 24 June 2024.
In a statement to the Australian Securities Exchange, MaxoTel has confirmed that this is the final offer of an increased scheme consideration.
The Vonex Board stated in an ASX announcement that it continues to “unanimously” recommend that Vonex shareholders vote in favour of the scheme of arrangement with MaxoTel.
Each director intends to vote in favour of the scheme on all the Vonex shares controlled or held by or on behalf of the company.
MaxoTel has also reaffirmed its ability to fund the scheme consideration, including the additional amount payable if the Increased consideration is accepted through its debt arrangements.
It has also confirmed that the proceeds available under such external debt facilities are in excess of the maximum aggregate amount of cash payable on implementation of the scheme (including in respect of the increased consideration) and MaxoTel’s transaction costs.
Other than minor amendments to reflect the revised scheme consideration, the scheme implementation deed is on the same terms as when it was released to the ASX on 20 August.
This announcement follows Swoop’s acquisition of approximately 16.99 per cent of Vonex’s shares on 11 September, as reported by ARN.