Third Supplementary Target's Statement

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Stock CYB.ASX (CYB.ASX)
Release Time 4 Feb 2025, 1:48 p.m.
Price Sensitive Yes
 AUCyber Limited responds to 5GN's offer
Key Points
  • 5GN has now acquired 50.71% voting power in AUCyber
  • Control of AUCyber has passed to 5GN
  • AUCyber Board unanimously recommends shareholders accept 5GN's revised offer
Full Summary

AUCyber Limited (ASX: CYB; AUCyber or Company) has issued a third supplementary target's statement in response to 5G Networks Limited's (ASX: 5GN) ASX announcement dated 3 February 2025 and 5GN's change in substantial holding notice dated 4 February 2025. 5GN has now disclosed a voting power in AUCyber shares of 50.71%, and accordingly, control of the Company has passed to 5GN. The AUCyber Board continues to unanimously recommend that all AUCyber shareholders promptly accept 5GN's revised offer, in the absence of a superior proposal. 5GN's revised offer has been declared 'last and final' and cannot be further extended beyond 4:00pm (Melbourne time) on Monday, 17 February 2025. AUCyber Shareholders who do not accept 5GN's revised offer risk remaining as minority shareholders, with the implications magnified given the Board's concerns over the Company's financial viability. The payment of transaction costs and ongoing cash losses will further adversely impact AUCyber's cash reserves. With the change of control, Mr Craig Scroggie has resigned as a Director, and Mr Hugh Robertson and Mr Joseph Demase, as representatives of 5GN, have been appointed as Directors. Ms Cathie Reid and Mr Ross Walker intend to remain on the Board until completion of 5GN's revised offer to ensure appropriate governance.