Scheme Update - Draft ATO Class Ruling
Sydney, Feb 8, 2024 AEST (ABN Newswire) - Symbio Holdings Limited (ASX:SYM) refers to the Scheme Booklet registered with the Australian Securities and Investments Commission ("ASIC") on 22 December 2023 ("Scheme Booklet"), and the proposed scheme of arrangement under which Aussie Broadband Limited ("ABB") will acquire 100% of the issued shares in Symbio ("Scheme"). Unless otherwise indicated, capitalised terms used in this announcement but not separately defined have the meaning given to them in the Scheme Booklet.
Symbio is pleased to confirm it has now received confirmation from the ATO that it is prepared to issue the ATO Class Ruling described in the Scheme Booklet, and that this is in form and substance satisfactory to Symbio. This satisfies the condition precedent in clause 3.1(c) of the Scheme Implementation Agreement.
The draft of the ATO Class Ruling is not binding on the ATO and only the final ATO Class Ruling can be relied on by Symbio Shareholders. The final ATO Class Ruling will not be issued by the ATO until after the Scheme has been implemented. When the final class ruling is issued by the ATO, it will be available at www.ato.gov.au.
For further details on the ATO Class Ruling, please refer to section 8.2(b) of the Scheme Booklet.
Implementation of the Scheme remains subject to the approval of the Court and lodgement of Court orders with ASIC, and certain other conditions precedent which are described in the Scheme Booklet.
Symbio will request that the Court approve the Scheme at a hearing that has been scheduled at 10:15am (Sydney time) on Friday, 16 February 2024.
If the Scheme is approved by the Court, Symbio proposes to lodge the orders of the Court with ASIC on Monday, 19 February 2024, at which time the Scheme will become effective. It is expected that Symbio shares will be suspended from trading on the ASX from close of trading on Monday, 19 February 2024 and the Scheme will be implemented on Wednesday, 28 February 2024.
About Symbio Holdings Limited
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