Vonex Limited ( (AU:VN8) ) has issued an announcement.
Vonex Limited has announced a 1 for 1 pro rata non-renounceable entitlement offer to raise approximately $13.9 million by issuing new ordinary shares at $0.037 each. Maxo Telecommunications, Vonex’s major shareholder, has committed to invest up to $13 million through this offer and partially underwrite any shortfall, potentially increasing its voting power in the company. This move could significantly shift the control dynamics within the company, with MaxoTel’s voting power potentially increasing from 61.82% to over 75%, allowing it to unilaterally pass or reject any special resolutions.
More about Vonex Limited
Vonex Limited operates in the telecommunications industry, offering a range of services primarily focused on telecommunication solutions. The company is involved in providing communication services and products tailored to both individual and business markets.
YTD Price Performance: -9.09%
Average Trading Volume: 2,307,845
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$15.05M
Learn more about VN8 stock on TipRanks’ Stock Analysis page.