Dicker Data shareholders to vote on $65.5 million cash advance facility

Shareholder vote on company's future set for March 11 following Express Data takeover

Dicker Data shareholders are set to vote on the future of the company following its buy-out of fellow distributor Express Data.

Dicker Data will hold a general meeting at its Kurnell offices on March 14 at 11am to vote on the approval of $65.5 million cash advance facility with Westpac Bank.

The cash advance facility will cover the share purchase agreement to acquire 100 per cent of the issued capital of Express Data for $65.5 million.

The acquisition includes both the Australian and New Zealand operations, as well as Express Online, and will see the brands merged under the Dicker Data brand “as quick as possible”.

The deal is scheduled to complete on April 1, subject to “certain conditions being met”, and is fully funded by Westpac Banking Corporation.

Dicker said further decisions regarding operations will be made once the takeover is complete, although confirmed the expanded company will operate entirely out of Dicker Data's current Kurnell location.

In the meantime (and prior to April 1), Express Data will continue to operate as normal.

More about: Dicker Data, Express Data, Express Online, Westpac, Westpac, Westpac Bank

Comments

Anonymous

1

Good job Newport!!

"Newport Capital advised Dicker Data Limited on the raising of $130M in a Trade Receivables Securitisation Facility from Westpac Institutional Bank, the raising of $65.5M of bridge funding related to meeting the requirements of the Corporations Act concerning Financial Assistance from Westpac Institutional Bank, and the acquisition of all of the issued capital of Express Data Holdings

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