https://ift.tt/4UM6uTg
Swoop has acquired approximately 16.99 per cent of Vonex’s shares, despite an earlier failed bid attempt to acquire the company.
According to Swoop, it has acquired its interest in Vonex at an average price of $0.04 per share on the market, for a total cost of approximately $2.45 million, which has been funded from existing cash resources.
On 5 September, Swoop announced to the Australian Securities Exchange it had proposed a combined cash and scrip offer to acquire Vonex for $0.04 per share, which it claimed was superior to a previous offer from MaxoTel of $0.0375 per share.
At the time, ARN reported that Swoop’s offer had been shut down, but it still had a chance to improve its offer.
Swoop’s CEO, Alex West, said this was a step in the right direction and believes the proposal “will create significant value for both the Swoop and Vonex businesses”.
“As we have previously commented, Swoop believes that we have provided a superior proposal and this provides the best outcome for the long-standing shareholders of Vonex,” he said.
“Swoop is in a strong position to be able to both acquire the business, integrate and extract material synergies given the Swoop team has a demonstrated ability to acquire and integrate business well.”
West noted it will continue discussions with the Vonex board and major shareholders to create the “next large-scale national telecommunications company.”
He did confirm that “Swoop does not support the MaxoTel Scheme and currently does not intend to vote its Vonex stake in favour of it.”
Swoop has also submitted to Vonex a draft scheme implementation deed on the same terms as the MaxoTel Scheme since submitting its proposal and in response to Vonex’s request. Previously Vonex claimed it did not submit a deed.
The telecommunications provider has confirmed that its existing and supportive financier, Westpac, has formally commenced a credit approval process to provide committed funding for the acquisition of Vonex.
Confirming the financer was also one of Vonex’s conditions for a Swoop offer.