Scheme Update - Outcome of First Court Hearing
Sydney, Dec 22, 2023 AEST (ABN Newswire) - Symbio Holdings Limited (
ASX:SYM) is pleased to provide an update on the status of the proposed scheme of arrangement under which Aussie Broadband Limited has agreed to acquire 100% of the issued shares in Symbio ("Scheme").
A copy of the Scheme Implementation Agreement was announced to the market on 1 November 2023 ("Scheme Implementation Agreement").
Scheme Meeting
The Federal Court of Australia ("Court") has ordered that Symbio convene a meeting of its shareholders to consider, and if thought fit, approve the Scheme ("Scheme Meeting"). The Scheme Meeting will be held virtually at:
https://meetings.linkgroup.com/SYMScheme24
at 11.00am (Sydney time) on 7 February 2024.
Scheme Booklet
The Court also approved the distribution to Symbio shareholders of a Scheme booklet providing information about the Scheme, and including the Independent Expert's Report and the notice of the Scheme Meeting ("Scheme Booklet").
A further announcement attaching the Scheme Booklet will be released to the ASX and the Scheme Booklet will subsequently be made available to Symbio shareholders following registration of the Scheme Booklet with the Australian Securities and Investments Commission.
Recommendation
The Symbio Board continues to unanimously recommend that Symbio shareholders vote in favour of the Scheme in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of Symbio shareholders.
Each Symbio director who holds Symbio Shares intends to vote in favour of the Scheme in relation to all Symbio Shares held or controlled by them in the absence of a Superior Proposal and subject to the Independent Expert continuing to conclude that the Scheme is in the best interests of Symbio shareholders.
About Symbio Holdings Limited
Symbio Holdings Limited (ASX:SYM) is a software company changing the way the world communicates.
Symbio's technology replaces old-fashioned telecom networks with software, making it faster and easier to deliver modern cloud-based communication services, unlocking endless new applications for calling, messaging and phone numbers.
Symbio is the backbone for the global cloud communication industry. Over 500 service providers - from telecom start-ups to the world's biggest software companies - rely on Symbio for the connectivity, quality and expertise they need to solve complex communication challenges.
Headquartered in Sydney, Symbio powers billions of calls and messages each year, owns networks in three countries and employs over 450 staff worldwide.
For more information about Symbio visit www.symbio.global
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