Overview of Vonex's response to Swoop's proposal

Vonex Limited (ASX:VN8) has received a non-binding indicative proposal from Swoop Holdings Limited (ASX:SWP) to acquire 100% of Vonex, presenting a competing proposal to the scheme of arrangement with Maxo Telecommunications Pty Limited. The proposal, which includes a nominal $0.04 offer price with a combination of cash and fully paid shares in Swoop, is conditional on credit approval from Swoop's lender and the execution of a binding Scheme Implementation Deed. Vonex's board continues to unanimously recommend that Vonex shareholders vote in favor of the Scheme of Arrangement with MaxoTel, unless a superior proposal emerges.

Vonex's response to Swoop's proposal

Vonex does not consider the non-binding indicative offer from Swoop to be superior to the Maxo scheme. However, they are open to entertaining a further proposal addressing their concerns. Key challenges from Vonex's perspective include the need for credit approval, minimal nominal price increase, uncertainty around Swoop's equity value, and anticipated shareholder desire for a specific mix of cash and equity. Vonex emphasizes the importance of a marked-up version of the Scheme Implementation Deed with Maxo, formal confirmation of unconditional and irrevocable finance approval, and a 100% cash option in any superior proposal.

Summary of Vonex's position and outlook

Vonex Limited (ASX:VN8) has received a non-binding indicative proposal from Swoop Holdings Limited (ASX:SWP) to acquire 100% of Vonex, presenting a competing proposal to the scheme of arrangement with Maxo Telecommunications Pty Limited. While Vonex does not currently view Swoop's offer as superior, they remain open to a further proposal addressing their concerns. The company continues to recommend that Vonex shareholders vote in favor of the Scheme of Arrangement with MaxoTel, unless a superior proposal emerges. Vonex's outlook emphasizes the importance of specific parameters being met for any potential superior proposal, including a marked-up version of the Scheme Implementation Deed with Maxo and formal confirmation of unconditional and irrevocable finance approval.