“We are pleased to advise that completion of the transaction is expected to occur on the 20th of December with long-form debt facility agreements executed earlier this week. Our equity partners have commenced the equity drawdown process which takes approximately 4 weeks after signing the debt facility documents. We are pleased to advise that all other completion requirements are progressing well, including the pre-sale restructure steps required before completion.
Now, let’s address some common questions from shareholders regarding the transaction.

1. What will be done with the net cash proceeds from the sale?
We can consider expanding our business on our terms, thanks to this highly advantageous deal. This is enhanced by the fact that potential acquisitions are becoming more affordable in our sector due to various macro-environment factors. A strong cash position enables us to negotiate better pricing for services and provides flexibility
in acquiring complementary businesses. In the short term, we’re interested in utilising spare infrastructure capacity for a potential uplift in EBITDA.
Other considerations include capital management options like share buybacks and dividends in the coming months, acknowledging the market’s desire for a clear narrative in what can be a complex space.

2. What types of businesses is the Company looking to purchase?
We are interested in hosting and cloud providers, including bare metal providers, as well as AI compute suppliers and managed service providers. We believe the Tech sector in Australia is undervalued and look forward to its growth in the years to come.
In conclusion, on behalf of the Board, I express gratitude for the support of our shareholders, customers, suppliers, and business partners. I also thank our Managing Director, staff, and executives for their outstanding achievements in FY23”