Competing Acquisition Proposal for Vonex Limited

Swoop Holdings Limited (ASX:SWP) has submitted a non-binding indicative proposal to acquire 100% of Vonex Limited (ASX:VN8) as a competing proposal to the scheme of arrangement with Maxo Telecommunications Pty Limited. Swoop's offer is to acquire 100% of the issued ordinary shares in Vonex Limited for $0.040 per Vonex share, representing a premium to the MaxoTel scheme at $0.0375 per Vonex share.

Executive Commentary on Acquisition Proposal

This would be an excellent transaction for Swoop and Vonex shareholders. Swoop is in a strong position to be able to both acquire the business, integrate and extract material synergies given the Swoop team has a more than decade long demonstrated ability to acquire and integrate business well. This acquisition combined with our recent large infrastructure contract wins, successful non-core asset disposals and demonstrated above market organic growth means this is an exciting opportunity for our existing shareholders as well as incoming Vonex shareholders. We look forward to having a successful discussion with the Vonex Board and major shareholders to create the next large scale national telecommunications company.

Summary of Acquisition Proposal

Swoop Holdings Limited has submitted a non-binding indicative proposal to acquire 100% of Vonex Limited as a competing proposal to the scheme of arrangement with Maxo Telecommunications Pty Limited. The offer is to acquire 100% of the issued ordinary shares in Vonex Limited for $0.040 per Vonex share, representing a premium to the MaxoTel scheme at $0.0375 per Vonex share. Swoop believes the acquisition would create a larger scale business and more attractive investment opportunity for capital markets. The company anticipates synergies could represent over $5.0m EBITDA on an annualised basis and pro forma revenue for the combined business for FY24 would take Swoop revenue to ~$137m. The proposed acquisition stands to create significant value for both Vonex and Swoop shareholders and represents superior value to the MaxoTel scheme.