Vonex Limited (ASX: VN8) December Quarter Update
Operational Strength and Industry Recognition
Vonex Limited (ASX: VN8) has reported significant enhancements to its operational capabilities for the December 2024 quarter. The Australian Communication and Media Authority (ACMA) recognised Vonex for having the lowest number of complaints per 10,000 services in operation, marking an improvement from the previous period.
Takeover Developments
In a competitive landscape, Maxo Telecommunications has acquired over 50% voting shares in Vonex through an on-market takeover offer. The Vonex Board has unanimously recommended that shareholders accept MaxoTel’s unconditional cash offer of $0.044 per share, which closes on 28 January 2025. Swoop’s conditional offer will not achieve the necessary shareholding threshold and has been deemed less favourable.
Financial Overview and Future Outlook
While revenue and gross profit saw a slight decline, EBITDA margins remained in the double digits due to strict cost controls. To address an outstanding $22.8 million debt facility, Vonex plans to raise $13 million through an anticipated underwritten rights issue at an estimated price of 3.7 cents per share. The specifics of the capital raise will be disclosed once finalised.
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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