Vonex Limited (ASX:VN8) Director Sells Shares Amid MaxoTel Takeover
MaxoTel Takeover Offer Details
Vonex Limited has reported that its director, Jason Gomersall, has sold approximately 7 million of his shares on-market, believed to have been purchased by Maxo Telecommunications Pty Ltd (MaxoTel). This sale comes as part of MaxoTel’s ongoing takeover offer for Vonex shares not already owned by MaxoTel or its affiliates. The offer, initially set to expire on 23 December 2024, may be extended pending ownership confirmations.
Board Recommendations
In alignment with their commitment to MaxoTel’s unconditional cash offer of 4.4 cents per share, Vonex’s Board has recommended shareholders accept this offer. The board believes that Swoop Holdings Limited’s conditional off-market takeover offer is less favourable, particularly as it relies on attaining at least 50.1% of Vonex shares, which is now complicated by the growing interest from MaxoTel.
Ownership Changes and Future Steps
Following Gomersall’s recent share sale, it is understood that MaxoTel now holds more than 50% of Vonex shares. This may trigger an automatic extension of the takeover offer until 1 January 2025. Gomersall retains around 10 million shares, which he intends to vote in favour of at the deferred Scheme Meeting if no superior offer emerges before the MaxoTel offer closes.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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