Menu
M2 releases shares from voluntary escrow

M2 releases shares from voluntary escrow

Shares were part of consideration to Dodo and Eftel vendors

Comments

M2 group will release over 15 million shares from voluntary escrow on 1 May 2014. The shares were issued almost one year ago as part of consideration given to vendors following M2’s purchase of Eftel and Dodo Australia.

The shares were placed in escrow for a twelve month period on 1 May 2013. Restrictions were placed on vendors as a result. Vendors were not allowed to sell, transfer or dispose of their shares for 12 months.

M2 acquired privately-owned telecommunications provider, Dodo, and ISP, Eftel, in March 2013 for $204 million and $44m, respectively.

M2 posted record profit in the first half of this financial year and at the same time expanded its NBN footprint to 33 points of interconnect (POIs) nationally.

M2 also recently signed on to an NBN pilot programme in Melbourne with iiNet, Optus and Telstra.

There will be a number of restrictions that will remain for 24 months after May 1. Vendors will not be able to deal in shares in any off-market transactions with excluded parties or increase aggregate shareholdings in M2 above 9.9 per cent. Vendors will also be excluded from voting in favour of any potential takeover bid, scheme of arrangement or shareholder resolution publicly recommended by M2's board.


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags NBNtelecommunications servicestelecommunicationm2 telecommunicationsefteldodoprofitsharesescrow

Events

EDGE 2023

EDGE is the leading technology conference for business leaders in Australia and New Zealand, built on the foundations of collaboration, education and advancement.

WIICTA 2023

ARN has celebrated gender diversity and recognised female excellence across the Australian tech channel since first launching WIICTA in 2012, acknowledging the achievements of a talented group of female front runners who have become influential figures across the local industry.

ARN Innovation Awards 2023

Innovation Awards is the market-leading awards program for celebrating ecosystem innovation and excellence across the technology sector in Australia.

Brand Post

Channel Roadmap

The Channel Roadmap is a bespoke content hub housing strategic priorities from technology vendors for 2022 and beyond, partners can find the guidance on the key technologies and markets to pursue, to help build a blueprint for future success.

Show Comments