itX names directors, Avnet takeover given green light

itX names directors, Avnet takeover given green light

David Birk, Raymond Sadowski, KP Tang and Glenn Coutts have so far been named as directors of the company

itX Group has named David Birk, Raymond Sadowski, KP Tang and Glenn Coutts as directors of the company since the Avnet Technology Solutions takeover approval.

Avnet revealed its intentions to acquire itX for $77.5 million in August. At the time, Avnet country manager, Gavin Lawless, hoped to have the process finalised by January.

As part of the Scheme of Arrangement, lodged in the Federal Court of Australia, Avnet offered to acquire all the shares in itX. The Scheme was approved by shareholders and the court this week.

“itX advises that trading in itX shares on the ASX will be suspended from close of trading today,” according to an ASX statement.

The itX board today resolved to declare the Agreed Dividend, in the amount of $0.20 per itX share.

According to the acquisition event timeline, the date for determining entitlements to receive the agreed dividend (if any) is slated for December 14.

The dividend payment date is scheduled for December 16, while the transfer of itX shares to Avnet will take place on January 4.

Earlier this week, itX managing director, Laurie Sellers, said the acquisition won't be implemented until January 4.

"Avnet wanted to effectively takeover on the first working day of the new quarter," Sellers said. "We're still in control of the business until January."

More to follow.

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Tags Mergers and acquisitionsAvnetitX


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