Swoop takes a 17pc Vonex stake in a move to block MaxoTel’s $13.4m takeover bid

Swoop takes a 17pc Vonex stake in a move to block MaxoTel’s $13.4m takeover bid

Vonex (ASX: VN8) non-executive chair Stephe Wilks.

Swoop Holdings (ASX: SWP) has snared a 16.99 per cent stake in Vonex (ASX: VN8) in its plan to potentially block Maxo Telecommunications’ $13.4 million takeover bid for the telco.

The move by Swoop comes a week after it launched a rival bid for Vonex that has been thwarted by a lukewarm reception from the Vonex board despite the offer having a higher face value.

Swoop is offering 4c per share for Vonex on a predominantly scrip basis, valuing the telco and internet provider at $14.47 million, but the company’s board says the “conditionality and uncertainty” of the bid provides shareholders with no certainty of a binding offer eventuating.

As it stands, the current cash offer of 3.75c per share from MaxoTel has been recommended by the Vonex board with the scheme of arrangement scheduled to go to a shareholder vote on 26 September.

In announcing its major shareholding in Vonex today, Swoop has reiterated that its takeover offer for the company is superior to that of MaxoTel.

The company acquired the shares on market at 4c per share, or Swoop’s current offer price.

“Swoop continues to believe its proposal stands to create significant value for both Vonex and Swoop shareholders and represents superior value to the MaxoTel scheme,” says Swoop in a statement to the ASX.

“Swoop does not support the MaxoTel scheme and currently does not intend to vote its Vonex stake in favour of it.

“Since submission of Swoop’s proposal and in response to the request of Vonex, Swoop confirms it has submitted to Vonex a draft scheme implementation deed on substantially the same legal terms as the MaxoTel scheme (tailored for the cash and scrip consideration options).”

Swoop has also revealed that its current financier Westpac (ASX: WBC) has “formally commenced a credit approval process to provide committed funding in relation to the acquisition of Vonex”.

In response to Swoop taking major shareholding in Vonex, the Vonex board has reiterated its opposition to the group’s $14.47 million offer.

“Swoop’s non-binding indicative proposal remains conditional and incapable of execution, and there is no certainty that it will lead to a binding offer from Swoop,” says the company.

“Accordingly, the Vonex board does not consider the Swoop offer to be superior to the MaxoTel offer and shareholders should take no action in relation to the Swoop offer.”

Shares in Vonex were trading at 4c each at 10.59am (AEST).

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