Spirit Telecom Discloses About The Rejection Of Non-Binding Indicative Proposal

  • Apr 02, 2019 AEDT
  • Team Kalkine
Spirit Telecom Discloses About The Rejection Of Non-Binding Indicative Proposal

Spirit Telecom Limited (ASX: ST1) is into the provision telecommunication services. The Company offers voice, fibre broadband, internet, and business services. Spirit Telecom operates in Australia.

The company, today on 2 April 2019, has updated that it has rejected an indicative, non-binding and a conditional proposal to acquire all of the shares of Spirit from Uniti Wireless Limited (ASX: UWL) by way of a scheme of arrangement.

The firm recognises that any scheme of arrangement requires the overwhelming support of shareholders in order for it to proceed. The company intends to proceed with the ordinary course of its operations including organic growth and acquisitions.

In another update, the securities (ordinary shares and listed options (ST1 and ST1O) quoted on the Australian Securities Exchange (ASX) of Spirit Telecom Limited will be undergoing a trading halt immediately as per the Listing Rule 17.2 & are expected to remain in a trading halt till the earlier of the start of normal trading on Thursday, 4 April 2019 or when the announcement is provided to the market regarding an acquisition of an unlisted complimentary business, unless the exchange decides otherwise.

The management considers that the trading halt is essential to aid the company in managing its ongoing disclosure obligations as the company expects to make an announcement to the market in relation to the stated purpose above. Also, the Company expects to make the announcement to the market before the commencement of normal trading on Thursday 4 April 2019.

As per the ASX Listing Rules, the Spirit Telecom Limited is not aware of any reason why a suspension from trading should not be granted, nor any other information necessary to inform the market about the stated trading halt.

As for the half hear which ended as on the 31 December 2018, the company reported revenue from ordinary activities amounting to $ 8,185,020, up 3.30% on the pcp. However, the Underlying EBITDA, came in at 362,363 witnessing a fall of 77.4% on the pcp. The net loss from normal activities after tax attributable to the owners of Spirit Telecom Limited was down by 336.1% to come in at $562,010. The company hasn't paid, recommended or declared any dividends for the current financial period. The Net tangible assets per ordinary security came in at 2.40 cps vis-à-vis 2.68 cps for the pcp.

On the stock-performance front, the stock has posted the year till date return of 8.82%. The company also has posted returns of 5.71% & 85.0% over the past 3 months and 1 month, respectively. The stock of the company last traded at a price of A$0.16, with a market capitalisation of ~A$ 39.21 Mn. It had a 52-weeks high price of $ 0.270, with an average volume of, 194,048 approximately.


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