AUCyber Limited (ASX:CYB) Control Shifts to 5GN as Offer Closes
Change of Control
5GN has acquired a 50.71% voting power in AUCyber Limited (ASX: CYB), thereby taking control of the company.
Offer Details
5GN’s Revised Offer is declared ‘last and final’ and is set to close at 4:00pm Melbourne time on Monday, 17 February 2025. The AUCyber Board recommends all shareholders promptly accept the offer in the absence of a superior proposal.
Board Composition
Following the change of control, Mr Craig Scroggie has resigned as a Director. Mr Hugh Robertson and Mr Joseph Demase from 5GN have been appointed as new Directors. Ms Cathie Reid and Mr Ross Walker will remain on the Board until the offer period ends.
Financial Impact
The change of control will incur transaction costs of approximately $1.9 million. AUCyber’s cash reserves are projected to be further impacted by ongoing cash outflows of around $600,000 per month in 2QFY25.
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