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