Vonex Limited (ASX:VN8) Announces $13.9M Entitlement Offer and CEO Departure
Entitlement Offer Details
Vonex Limited (ASX:VN8) has announced a non-renounceable 1 for 1 entitlement offer at $0.037 per share, aiming to raise approximately $13.9 million. The primary purpose of this fundraise is to repay around $13 million of Vonex’s existing $23 million debt facility with Longreach, with the remaining balance to be refinanced. Maxo Telecommunications Pty. Ltd. (MaxoTel), Vonex’s largest shareholder, has committed to investing up to $13 million in the offer, fully taking up its entitlement and partially underwriting any shortfall.
The entitlement offer will close at 7.00pm AEDT on 20 February 2025. Eligible shareholders will receive one new ordinary share for each existing share held as of the record date. Any new shares not taken up by shareholders may be allocated under the Top Up Facility or underwritten by MaxoTel. The new shares will rank equally with existing shares and are expected to commence normal ASX trading on 27 February 2025.
Executive Changes
Vonex has also announced that its CEO, Ian Porter, will depart from the company on 27 February 2025. The Board is collaborating with Porter to finalize his departure arrangements and is actively seeking a suitable successor, in consultation with major shareholder MaxoTel. The company will provide updates once a new CEO is confirmed.
Motley Fool contributor Abbie Stokes 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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