Vonex and Maxo Telecommunications agree to revised scheme consideration

Telecommunications innovator Vonex Limited (ASX:VN8) and Maxo Telecommunications Pty Ltd have agreed to increase the Scheme Consideration payable from 3.75 cents to 4.19 cents per Vonex share, 100% payable in cash. The revised scheme consideration represents a premium of 133% to the closing price of Vonex shares on 24 June 2024 and a premium of 131% to the 30-day volume weighted average price to 24 June 2024. The Scheme Implementation Deed is on the same terms as set out in the Scheme Booklet released to the ASX on 20 August 2024. Vonex anticipates releasing a supplementary Scheme Booklet reflecting the revised scheme consideration to the ASX and shareholders as soon as possible.

Vonex Board recommends voting in favor of the Scheme of Arrangement

The Vonex Board unanimously recommends that Vonex shareholders vote in favor of the Scheme of Arrangement with MaxoTel. Each Director intends to vote all of the Vonex shares controlled or held by or on behalf of them in favor of the Scheme, subject to the Independent Expert continuing to conclude that the Scheme is in the best interest of Vonex shareholders. MaxoTel has confirmed that the increased scheme consideration is its best and highest price and will not be increased unless a third party makes or proposes a higher or superior proposal or offer.

Outlook for Vonex and MaxoTel Scheme

Vonex and Maxo Telecommunications have agreed to increase the Scheme Consideration payable, demonstrating MaxoTel's commitment to the transaction. The increased scheme consideration represents a premium to the closing price of Vonex shares and the 30-day volume weighted average price. The Vonex Board continues to unanimously recommend that Vonex shareholders vote in favor of the Scheme of Arrangement with MaxoTel. Vonex anticipates releasing a supplementary Scheme Booklet reflecting the revised scheme consideration to the ASX and shareholders as soon as possible. MaxoTel has confirmed that the increased scheme consideration is its best and highest price and will not be increased unless a third party makes or proposes a higher or superior proposal or offer.