Communications integrator, Commander, has failed in an application to the Takeovers Panel that would have forced Volante to reveal further details on a number of potential managed services contracts.
The besieged ICT services provider has relied on these possible contracts to some extent as a way of justifying its ongoing rejection of Commander's hostile takeover. As previously reported, Commander has offered $1.01 per share.
Commander had appealed to the Takeovers Panel, suggesting Volante had not provided adequate information on the potential contracts. The appeal was rejected.
Following the rejection of the application, Volante issued a Supplementary Target's Statement to the ASX stating, in part, " ... as customer confidentiality is critically important, providing further information in relation to specific contracts would prejudice Volante's relationship with its customers risking significant damage to Volante and its shareholders."
According to Volante, Commander has so far secured 87,999 of its shares - a total of 0.07 per cent - at the $1.01 price.
The current Commander offer is scheduled to close on March 9.