Cirrus Networks’ shareholders have overwhelmingly voted in favour of being acquired by Atturra, giving it another green light in its acquisition journey.
In a scheme meeting held on 22 November, 99.7 per cent of the votes cast by Cirrus shareholders were in favour of the deal, which would see Atturra acquire all of Cirrus’ shares for roughly $58.6 million.
Additionally, 95 per cent of of Cirrus shareholders were present and voting (in person or proxy, attorney or in the case of a corporation its duly appointed corporate representative).
There were two thresholds in order for the vote to pass: for there to have been over 50 per cent of present members that were voting, either in person, by proxy, attorney or corporate representative had to have placed a vote, and 75 per cent of cast votes eligible to vote on the scheme.
The next step is for a second court date to approve the scheme, which is currently scheduled for 24 November. If successful, the effective date will be on 27 November, then the record date for determining entitlements to scheme consideration will be on 4 December at 7pm, followed by the implementation date of 11 December.
The shareholder vote comes a month after the Supreme Court of NSW granted approval for the meeting to hold the vote back in October.
At the time of the Supreme Court giving the all clear for the meeting, Cirrus’ board of directors, who hold approximately 8.95 per cent of shares on issue, unanimously recommended that shareholders vote in favour of the acquisition.
Atturra CEO Stephen Kowal said at the time of the initial deal that Cirrus aligned well with the managed services provider’s own capabilities.
“Cirrus will significantly expand Atturra’s recurring managed service capabilities and will provide an enlarged and complementary client base with significant future cross-sell opportunities,” he said.
“Cirrus brings a wealth of expertise in the government and energy and resources industries, having serviced some of the leading names across these sectors respectively, enhancing Atturra’s ability to become a market leader in these sectors. We look forward to working with and welcoming the Cirrus team to Atturra.”