The Manager
Company Announcements Office Australian Securities Exchange Level 40, Central Park
152 - 158 St Georges Terrace
Perth WA 6000
Dear Sir/Madam,
If iiNet shareholders approve the Scheme by the requisite majorities at this meeting, implementation of the Scheme will be subject to ACCC clearance. The ACCC indicated in its Statement of Issues released on
11 June 2015 that it will announce its decision on the Scheme on or before the 20 August 2015. If the ACCC clears the Scheme, and all other conditions to the Scheme are satisfied or waived, an application will promptly be made to the Court to approve the Scheme.
Lonergan Edwards & Associates Limited's (the Independent Expert) opinion is that the Scheme is fair and reasonable and in the best interests of iiNet shareholders in the absence of a superior proposal.
iiNet expects to serve the Court's order on ASIC on Monday 15 June 2015, at which time it is expected that the Scheme Booklet will be released to the ASX. The Scheme Booklet will contain full details of the expected timetable for the Scheme.
iiNet's Directors continue to unanimously recommend that all shareholders vote in favour of the Scheme, in the absence of a superior proposal and subject to the Independent Expert maintaining its conclusion that the Scheme is in the best interests of iiNet shareholders.
- ENDS -
David Buckingham Shaun Duffy
Chief Executive Officer Senior Managing Director
E: davidb@staff.iinet.net.au E: shaun.duffy@fticonsulting.com
P: +61 8 9213 1358 P: +61 8 9485 8888
M: +61 404 094 384
About iiNet
iiNet is Australia's second largest DSL Internet Service Provider and the leading challenger in the telecommunications market. Publicly listed on the ASX 200, this billion-dollar company has been recognised as a global leader in customer service, winning a silver medal at the Contact Centre World Awards in 2014.
We employ more than 2,500 inquisitive staff across three countries - 80 per cent of whom are employed to directly service nearly one million customers. We maintain our own broadband network and support over 1.8 million broadband, telephony and Internet Protocol TV (IPTV) services nationwide.
We're committed to making it simple for all Australians to connect across both our own network and on the NBN. Our vision is to lead the market with services that harness the potential of the Internet and then differentiate with award-winning customer service.
A full list of current awards can be viewed at iiNet Awards http://www.iinet.net.au/about/awards.html
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