Macquarie Cloud Services Pty Limited (Bidder – ABN 57 093 640 450), a wholly owned subsidiary of Macquarie Telecom Group Limited, is offering to acquire all of your shares in Bulletproof Group Limited (Bulletproof – ABN 84 148 162 092), for:
A$0.11 in cash for each Share you hold.
The Unconditional Offer is dated 7 December 2017 and will close at 7.00pm (Sydney time) on 31 March 2018, unless extended.
Whilst Bulletproof has agreed to propose a scheme of arrangement (Scheme) to Bulletproof Shareholders under which shareholders may receive a cash price of $0.152 cents per share, the Scheme is not due to be considered before May 2018 and is conditional on shareholder and court approvals, no material adverse change, prescribed occurrences and no restraints or breach of warranty in relation to Bulletproof.
Reasons to accept.
The offer has a number of benefits for Shareholders.
Certain Value vs Uncertain Future.
Bulletproof has experienced a deterioration of earnings over the last 18 months as evidenced in its annual report for the year ended 30 June 2017. Based on Bulletproof’s unaudited management accounts for Q1 FY18 there is a continuation of this trajectory.
It has also experienced high levels of staff turnover.
Bulletproof also currently has limited cash reserves and current liabilities exceed current assets. Bulletproof has:
- for a period of time, factored its debts for cloud customers with a financing organisation
on a monthly basis; and
- more recently, sought to extend that facility to include professional services on a
Further information is set out in Bulletproof’s Target Statement dated 22 December 2017 as well as the Supplementary Bidder’s Statement.
|Announcement Date for the Offer:||21 November 2017|
|Bidder’s Statement lodged with ASIC:||23 November 2017|
|Offer Date:||7 December 2017|
|Target Statement lodged with ASIC:||22 December 2017|
|Supplementary Bidder’s Statement lodged with ASIC:||14 February 2018|
|Offer declared unconditional:||1 March 2018|
|Offer scheduled to close
(unless extended in accordance with the Corporations Act):
|7:00pm (Sydney time)
on 31 March 2018