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Dicker Data shareholders approve $65.5m Express Data takeover

Dicker Data shareholders approve $65.5m Express Data takeover

Vote results in landslide in favour of purchase

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Dicker Data shareholders have rubber stamped the finance and purchase of competing distributor, Express Data.

RELATED: Dicker Data buys Express Data

A total of 121,481,742 shares were voted in favour of the $65.5 million buyout. Votes against amounted to 83,250, while 35,240 abstained.

The vote took place at a general meeting held on March 14 at Dicker Data's Kurnell office, which has recently been expanded to accommodate staff intake.

The distributor has taken on a $140m debt to fund the purchase. A credit line of $130m has been agreed to with Westpac Bank, which includes a $65.5m cash advance in the form of a bridging facility for a period of 18 days.

RELATED: yARN - Dicker's 'Something Big' rumbles into the channel

This was required as Express Data parent, Dimension Data (DiData), would not assist in facilitating the financial assistance of the Corporations Act.

Dicker Data also secured a loan of $10m from Investec to provide overhead during the integration period which will commence from April 1 at the completion of the takeover.

In the meantime, Express Data will continue to operate as normal.

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