5GN - 5GN Networks

[Dona Ferentes]

and if things don't go smoothly

5GN holding 44% of Webcentral... so what happened to T/O?

5G Networks Limited (5GN) advises that Webcentral Group Limited (ASX:WCG) repaid yesterday $15 million of the outstanding loan made to Webcentral by 5GN. The remaining loan balance owing from Webcentral to 5GN is approximately $26 million. The funds received from the loan repayment are expected to be utilised for acquisition opportunities.

(DNH )

 

[Country Lad]

5GN holding 44% of Webcentral... so what happened to T/O?

In February, the Takeover Panel declined to make a declaration of unacceptable circumstances (regarding an application by Keybridge). 5G Networks and Webcentral had entered into an agreement to waive the requirement that 5G Networks have a relevant interest in at least 50.1% of Webcentral shares as a condition to the Debt Funding. A subsequent application to the Panel also failed.

Consequently, WCG now operates as a subsidiary of 5GG

 

[Dona Ferentes]

The securities of 5GN Networks Limited (5GN) will be suspended from quotation at the close of trading today Friday, 12 November 2021 under Listing Rule 17.2, following lodgement of the Federal Court of Australia orders with ASIC approving the scheme of arrangement by which Webcentral Group Limited will acquire all of the issued shares in 5GN.

So in fact, the structure went the other way:

5G Networks Limited (5GN) is pleased to announce that at the Extraordinary General Meeting of Webcentral Group Limited (WCG) shareholders held earlier today, Webcentral shareholders passed resolutions which were conditions in relation to the scheme of arrangement pursuant to which Webcentral will acquire all of the issued ordinary shares held by 5GN shareholders . Webcentral shareholders have now approved the issue of new Webcentral shares to 5GN shareholders as consideration under the Scheme (Reverse Takeover Resolution) and the acquisition of a substantial asset namely, 5GN shares from each of Joseph Demase, Joe Gangi, Jason Ashton and Albert Cheok (5GN directors) in connection with the Scheme

 

[System]

On November 25th, 2021, 5G Networks Limited (5GN) was removed from the ASX's Official List in accordance with Listing Rule 17.11, following implementation of the scheme of arrangement between 5GN and its shareholders in connection with the acquisition of all the issued capital in 5GN by Webcentral Limited (WCG).