Vonex Limited Announces Termination of Maxo Deal Amid Swoop Opposition

Tip Ranks
2025.01.16 04:32
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Vonex Limited has announced the termination of its Scheme Implementation Deed with Maxo Telecommunications due to opposition from Swoop Telecommunications. The existing cash offer from MaxoTel will close on January 28, 2025, and the Vonex Board recommends shareholders accept this offer. Additionally, the Board is exploring options to repay a $23 million debt facility, which may involve discussions with other debt providers or a capital raise. With MaxoTel acquiring a majority interest in Vonex shares, Swoop's conditional offer is unlikely to proceed.

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Vonex Limited ( (AU:VN8) ) has shared an announcement.

Vonex Limited announced the termination of its Scheme Implementation Deed with Maxo Telecommunications, prompted by Swoop Telecommunications’ opposition to the scheme. MaxoTel’s existing cash offer will close on January 28, 2025, and the Vonex Board recommends shareholders accept this offer. The Vonex Board is also exploring options for repaying a $23 million debt facility, potentially considering discussions with other debt providers or a capital raise. With MaxoTel acquiring a majority interest in Vonex shares, the Swoop conditional offer is unlikely to proceed.

More about Vonex Limited

Vonex Limited is an award-winning telecommunications service provider that offers a range of services including mobile, internet, traditional fixed lines, infrastructure solutions, and hosted PBX and VoIP services primarily to small and medium enterprises under the Vonex brand. The company also serves wholesale customers by providing access to its core PBX, 5G mobile broadband, and call termination services. Vonex pursues a growth strategy focused on mergers and acquisitions, targeting profitable IT and telecommunications businesses with potential for product expansion, scaling, and cross-selling.

YTD Price Performance: 12.50%

Average Trading Volume: 1,823,568

Technical Sentiment Consensus Rating: Sell

Current Market Cap: A$16.93M

See more data about VN8 stock on TipRanks’ Stock Analysis page.

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