Macquarie’s Offer To Bulletproof Group Limited (ASX: BPF)

KEY TAKEAWAYS:

• Macquarie Telecom Group Limited offers A$0.11 cash per share to Bulletproof Group Limited (ASX: BPF)
• Bulletproof’s share capital sits at approximately A$17.9 million.
• This is a step in strengthening Bulletproof’s strategic fit with Macquarie.

As of November 21, 2017, Macquarie Telecom Group Limited (ASX: MAQ) declared its plan to create an off-market bid via its wholly-owned subsidiary Macquarie Cloud Services Pty Ltd to gain all of the shares with a marked offer of A$0.11 cash per share to Bulletproof Group Limited (ASX: BPF). Macquarie’s engrossment with the Bulletproof shares amounting to 26,188,349 denoting an issued capital of 16.11% through a Call Option Deed with the linked entity correlating namely Mr Anthony Woodward, CEO and Co-founder of Bulletproof.

Bulletproof’s value of share capital currently at A$17.9 million matches the closed offer price worth A$0.11. This comprises of a 64.2% premium to Bulletproof’s closing rate for its shares of A$ 0.067 last November 17, 2017, and a 57.1% premium to the 1-month VWAP of Bulletproof shares valued at A$ 0.07. The conditional offer of Macquarie involves these four citations:

“Macquarie reaches at least 90% acceptance; there being no prescribed occurrences, no material asset, sales, or acquisitions, no material borrowing commitments, or the grant of a security interest over Bulletproof’s assets or undertaking; and no material adverse change in the business conditions or financial prospects of Bulletproof.”

The complete terms and conditions will be released to the Bulletproof shareholders in early December.

Mr David Tudehope, CEO of Macquarie, expresses his statement: “The proposal to purchase to all of the Bulletproof’s shares for cash is clearly compelling and offers a significant premium to the recent share price performance. Bulletproof has experienced a deterioration of earnings over the last 18 months. Bulletproof is a long-standing business with a talented and experienced team. There is a strong strategic fit with Macquarie. The combination will enable Macquarie and Bulletproof customers to access a full set of cloud options of colocation, private cloud and public cloud. We believe it is in the interests of Bulletproof shareholders to accept the Macquarie Offer”.

About Bulletproof Group Limited (ASX: BPF)

Bulletproof simplifies complex technology and enables rapid transformation for businesses of all sizes. Our certified and experienced Cloud experts advise and support organisations at every step in their cloud journey, by providing market-leading expertise and mission-critical support across multiple platforms and technologies.

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