Vonex Limited's Response to Swoop Holdings Limited's Announcement

Telecommunications innovator Vonex Limited (ASX:VN8) has acknowledged Swoop Holdings Limited's announcement of increasing its relevant interest in Vonex to 61,489,648 shares (16.99%) and its intention to vote against the MaxoTel scheme of arrangement. Swoop has also reiterated its non-binding indicative proposal to acquire 100% of Vonex as a competing offer to the MaxoTel scheme. The Vonex Board has emphasized that Swoop's proposal remains conditional and uncertain, and therefore, not superior to the MaxoTel offer. Shareholders are advised to take no action in response to the Swoop offer.

Vonex's Executive Commentary on Swoop's Announcement

The Vonex Board emphasizes that Swoop's proposal, while non-binding, lacks certainty and is not considered superior to the MaxoTel offer. Shareholders are advised to refer to the details of the MaxoTel Scheme outlined in the Scheme Booklet released on 20 August 2024. Vonex remains committed to its growth strategy and providing telecommunications solutions to SME customers, along with pursuing M&A opportunities in the IT and telco sector.

Summary of Vonex's Response and Outlook

Vonex Limited (ASX:VN8) has responded to Swoop Holdings Limited's announcement regarding the increase in its relevant interest in Vonex and the proposal of a competing offer to the MaxoTel scheme. The Vonex Board has highlighted the conditional nature of Swoop's proposal and advised shareholders not to take any action in response to it. Vonex continues to focus on its telecommunications services for SME customers and its disciplined M&A growth strategy in the IT and telco sector. Shareholders are encouraged to refer to the details of the MaxoTel Scheme for further information. Vonex remains committed to its corporate strategy and providing reliable telco solutions for businesses.