AlphaWest6 fate undecided

AlphaWest6 fate undecided

It should already be sold. Nevertheless, the sale of AlphaWest 6 has dragged on into the new financial year, sparking a host of rumours over the fate of the company.

Now it appears a management buy-out is on the cards for the services subsidiary of ASX-listed conglomerate Solution 6.

In an internal e-mail obtained by ARN, AlphaWest 6 managing director, Garry Henley categorically denies a media report stating the company was in advanced discussions last month with Dimension Data for the sale of the company.

"We are not and have never been in detailed discussions with Dimension Data, they have never even been on a short list of companies we have spoken to," Henley told his staff.

In the e-mail Henley claims AlphaWest 6 is demonstrating "good corporate governance", with a steering committee in place while the due diligence process runs its course.

But it is the nature of this due diligence process that has the market talking, with an MBO (management buy-out) the likely result. Should AlphaWest 6's current management team purchase the company, a source in contact with ARN suggests it would be akin to "doing a Packer".

"Didn't Packer say you only get one Bondy in your life? Well if [AlphaWest's management] buy back the company after they sold it originally to Solution 6, they'll get it for a song," the source said.

Regardless of the speculation, AlphaWest 6's management team has clamped down on the company's communications with the market.

"Until we are in a position to release formal information, it is important that we don't discuss this matter outside of the company, and more importantly ignore the rumours," Henley said in the staff e-mail.

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