SUPERLOOP ONE STEP CLOSER TO BIGAIR ACQUISITION
Written on the 7 December 2016
BIGAIR (ASX:BGL) shareholders have given Superloop (ASX:SLC) the green light to acquire the telecommunications company.
Just over 97 per cent of shareholders voted in favour of the scheme of arrangement, which would allow the Brisbane-based company to purchase all of the BigAir shares it doesn't already own.
BigAir will seek orders from the Federal Court of Australia to approve the scheme this Friday. If approved, the company will lodge orders with the Australian Securities and Investment Commission.
Superloop funded the acquisition through a $65 million institutional share placement and a new $75 million debt facility.
Superloop CEO Bevan Slattery will remain in the top job, with BigAir CEO Jason Ashton and CFO Charles Chapman set to join the management team.
"The combined group will be strongly positioned to provide customers with an end-to-end managed service across Asia from this combination and I am excited about the opportunity to join Bevan and his team in the growth of the combined BigAir and Superloop business," Ashton says.
BigAir shareholders were given the choice of shares in Superloop or a combination of cash and shares.
This was delivered at 0.371 Superloop shares for each BigAir share held - a 46 per cent premium on the closing price of both companies on September 13. While mixed consideration includes 70c in cash and 0.118 Superloop shares in exchange for BigAir holdings.
The new Superloop shares are expected to be issued on December 21 and begin trading on a normal settlement basis on December 22.