Dicker Data shareholders to vote on $65.5 million cash advance facility
- 14 February, 2014 08:31
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.
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