SYDNEY: Uniti Group Limited (UWL) notes that the Federal Court has today approved OptiComm’s scheme of arrangement in relation to Uniti’s acquisition of OptiComm Ltd.
OptiComm intends to lodge a copy of the Federal Court’s orders approving the Scheme with the Australian Securities and Investments Commission, following which the Scheme will become legally effective and Uniti will proceed to complete the acquisition of all of the issued shares in OptiComm which it does not already own.
Implementation of the Scheme is expected to occur on 20 November 2020.
Uniti’s Chairman, Graeme Barclay commented on today’s significant milestone: “We are pleased that the Federal Court today approved the OptiComm Scheme of Arrangement. We were also delighted by the overwhelming support shown by OptiComm’s shareholders at last week’s Scheme meeting.
“Whilst it’s taken longer and cost more than we had originally hoped, we now look forward to completing the transaction, quickly combining the assets and capabilities of OptiComm with our own W&I business into one operating business and releasing the operating efficiencies inherent in the combined business.
“Our focus will be on accelerating the development and expansion of our private fibre infrastructure, generating accretive earnings and capitalizing on the myriad of organic growth opportunities in front of us”.
Uniti Group (UWL) is a diversified provider of telecommunications services, with ‘three pillars’ of strategic growth; Wholesale & Infrastructure, Specialty Services, and Consumer & Business Enablement. Uniti Group listed on the Australian Securities Exchange in February 2019 with a stated strategy of becoming a leading provider of niche telecommunications services, via both organic growth and inorganic mergers and acquisitions.
The Company has brought together an experienced Board and Executive team, to support the identification, execution and integration of the sizeable pool of identified opportunities, across the three growth pillars. At the core of Uniti Group is a commitment to deliver high quality, diversified telecommunications products and services to its customers, in order to produce strong and growing returns to its shareholders.