Commander now has control of Volante

Stan Beer
Thursday, 06 April 2006 17:40

IT Industry - Listed Tech

Telecoms equipment supplier Commander (ASX:CDR) has passed the 50% landmark and now officially has a controlling interest of its takeover target, IT services provider Volante (ASX:VGL).
Commander today announced that its voting power in Volante Group Limited has increased to almost 55%. As at 7.00pm yesterday, Commander had received acceptances of its takeover offer for Volante Group Limited for 70,526,034 shares. This represents 54.9% of the issued Volante shares.
On top of this holding, institutional investors have committed a further 19% of the issued capital, effectively giving Commander nearly 74% of Volante.

As a result of Commander's successful achievement of over 50% voting power in Volante, the offer period for Commander's offer is automatically extended under the Corporations Act by 14 days to ensure Volante shareholders have additional time to accept the offer recognising control in Volante can now pass to Commander. The Commander offer will now close at 7:00 pm on Wednesday 19 April 2006.

Commander Managing Director Adrian Coote said: “Particularly pleasing is the high level of acceptances received from retail investors. While some major shareholders have forwarded acceptances into the facility, many institutions are following their in-house procedures and waiting for the final days to accept. With the retail investor acceptances, acceptances in the facility and most remaining institutions having flagged their intentions to accept at the last moment, we now have a high degree of confidence that the Offer will succeed.

“Notwithstanding this increased level of confidence, Volante shareholders have no reason to delay accepting the Commander Offer, which has been unanimously recommended by the Volante Board in the absence of a higher financial proposal. Accepting shareholders will receive the consideration faster than those acquired through the compulsory acquisition laws."