SWP.ASX: Update on Takeover Offers for Vonex - Scheme to be cancelled

Update on Takeover Offers for Vonex - Scheme to be cancelled

Stock	Swoop Holdings Ltd (SWP.ASX)
Release Time	16 Jan 2025, 3:23 p.m.
Price Sensitive	Yes

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Vonex terminates Scheme, MaxoTel offer to close

Key Points

Vonex to terminate Scheme Implementation Deed with MaxoTel
MaxoTel's 4.4c cash offer to close on 28 January 2025
Vonex Board recommends shareholders accept MaxoTel offer

Full Summary

Telecommunications company Vonex Limited (ASX: VN8) has agreed with MaxoTel to terminate the current Scheme Implementation Deed (SID) between the parties and discontinue the proposed Scheme. The decision was made due to Swoop Telecommunications' stated position to vote its approximately 20% shareholding in Vonex against the Scheme. MaxoTel has also advised Vonex that it does not intend to extend the existing on-market unconditional all cash 4.4c offer beyond the close of ASX trading on Tuesday, 28 January 2025. The Vonex Board continues to recommend shareholders accept the MaxoTel offer, and any shareholder wanting to sell into that offer would need to do so before it closes on 28 January 2025. With these changes, the Vonex Board will now accelerate its review of options for the repayment of the Longreach $23m debt facility, including discussions with other debt providers and reviewing the potential for a capital raise.