Wednesday, 14 September 2005 19:06

Alphawest board says "yes" to $24m Optus buyout

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The directors of the board IT solutions company Alphawest (ASX:ALW) have unanimously accepted a bid by Singtel Optus to buy the company for more than $24 million.

On 21 July 2005, SingTel Optus Pty Limited announced a takeover bid, through its wholly owned subsidiary Optus Networks Pty Limited, to acquire all of the issued shares of Alphawest Limited (Alphawest) for 68 cents cash per share, valuing the company at $24.24 million.

In a letter to shareholders, the directors of Alphawest recommended unanimously that the offer be accepted.

The key reasons given for the directors' recommendation were that the price offered by Optus was a significant premium to the average trading price before the offer, the stock is relatively illiquid and therefore difficult to sell, there will be no brokerage fees with the sale and there will be no dividend paid for the period ended 30 June 2005.


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Stan Beer

Stan Beer assists with Digital Advertising installation and monitoring of advert performance. With 35 plus years of experience working in IT and Australian technology media, Beer has published articles in most of the IT publications that have mattered, including the AFR, The Australian, SMH, The Age, as well as a multitude of trade publications. Any previous news story submissions should be director to editor@itwire.com and advertising enquires to andrew.matler@itwire.com

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