Telstra has revealed the addition of almost one million new mobile services in the six months to December 2011, but Sensis revenues plummeted 24 percent in 12 months.
ASX listed Allied Technologies, a supplier to the Defence Department, is to merge with communications equipment company LongReach Group in a move that will give Longreach shareholders 57 percent of the merged entity.
The two companies claim that the combination will "lay the foundation for the building of Australia's first ASX-listed mid-tier supplier of integrated ICT based products, services and support, directed principally at the defence, security & intelligence sectors in Australia and internationally".
Allied Technologies specialises in the design, installation, integration and maintenance of communications networks for the delivery of secure voice, data, video and web based communications services and solutions principally to the Department of Defence and other Federal Government Departments and Australian corporate clients.
LongReach owns, develops and sells point-to-point wireless products and intelligent switches to a range of domestic and international telecommunications carriers, defence organisations, governments and enterprise.
It has global distributions agreements with Ericsson and Norwegian company Kongsberg, a supplier of high-technology defence systems in its home market and a niche supplier to other international markets. Longreach also owns a significant interest in Startronics, one of the largest diversified electronic manufacturer and repair businesses in Australia.
The boards of both companies have unanimously approved the deal. Allied Technologies will acquire all of the issued shares in Longreach through the issue of one new Allied Technologies share for every 2.5 Longreach shares, representing a premium of 26.8 percent based on the recent share prices of the two companies.
Michael Addison, the current chairman and managing director of Allied Technologies, will retain the role of managing director of the merged entity and LongReach managing director Ken Car will join the Allied Technologies board as an executive director. Allan Farrar, longReach's non-executive chairman, will assume the role of non-executive chairman of the combined entity. Stephe Wilks, a non-executive director of LongReach, will join the Allied Technologies board as a non-executive director The deal is expected to be completed by September.
David Bass
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