Curtain falls on Vocus as a listed company

Supreme court approves Macquarie Infrastructure/Aware Super consortium's scheme.

28 June 2021

On June 22, shareholders in telecommunications company Vocus (ASX: VOC) approved the scheme of arrangement with Voyage, a vehicle owned 50/50 by Macquarie Infrastructure and Real Assets Holdings.

It is a transaction we have thoroughly analysed since it was first announced on February 8, 2021, and most recently in a report titled "Corporate Action: Vote For Vocus' Scheme of Arrangement with MIRA/Aware Super Consortium" ($), published on 2 June 2021.

The scheme was subsequently approved by the Supreme Court of New South Wales on 24 June.

The $5.50 cash consideration for Vocus shareholders had already been factored into our $5.50 fair value estimate for the narrow moat rated group.

The curtain now falls on Vocus as an Australian Stock Exchange-listed public company, with its shares to be suspended from the close of trading on Friday, 25 June. As such, we will cease coverage of Vocus.

TELCO

VOCUS

AUTHOR

Brian Han
is a senior equity analyst in the equity research team at Morningstar

© 2024 Morningstar, Inc. All rights reserved. Neither Morningstar, its affiliates, nor the content providers guarantee the data or content contained herein to be accurate, complete or timely nor will they have any liability for its use or distribution. This report has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892) and/or New Zealand wholesale clients of Morningstar Research Ltd, subsidiaries of Morningstar, Inc. Any general advice has been provided without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide at www.morningstar.com.au/s/fsg.pdf. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Our publications, ratings and products should be viewed as an additional investment resource, not as your sole source of information. Morningstar’s full research reports are the source of any Morningstar Ratings and are available from Morningstar or your adviser. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a financial adviser. Some material is copyright and published under licence from ASX Operations Pty Ltd ACN 004 523 782.

More from Morningstar

Stocks

3 "buy the dip" candidates with wide moats

Share price pullbacks can present an opportunity to buy high quality companies at attractive prices.

Stocks

Undervalued ASX share hampered by delays in foreign expansion

A near monopoly in Australia pushes this company into global markets but progress has been slow.

Stocks

Ask the analyst: Why has MinRes fallen so far?

Mineral Resources shares are down almost 50% year to date. Mark Taylor weighs in on some of the reasons why.

Stocks

The largest ASX company is materially overvalued

After a 37% share price increase in the last 12 months, investors may be too optimistic for this ASX giant

Stocks

The surge in price of ASX listed share price is unwarranted

Good news as a proposed merger is approved but investors may be too optimistic.

Stocks

11 ASX dividend stocks for the next decade

What are the best stocks to own that can pay regular dividends and beat indices on a total return basis in the long-term? Here is our list of 11...