My Net Fone revises bid for Symbio Group

Proactive Investors Australia is a part of the largest global financial investor network with offices in Australia, Europe, Asia and North America.

Telecommunications provider, My Net Fone has revised its offer for the Symbio Group to $6 million, based on an earn-out over 2012 and 2013.The actual cash payment has been reduced from $2 million to $1.3 million, funded from group operating cash flows.

The deal is estimated to be revenues per share accretive in financial year of 2012 for the merged group.Expected combined net profit afterwards tax is forecast at $2 million on earnings of $40 million, representing increases of 100% and 190% respectively.My Net Fone has expanded over the past few years, moving from VoIP (Voice over Internet Protocol) into dedicated net services. It is one of Australia’s leading provider of fully IP based telecommunications services including VoIP (Voice over Internet Protocol), data and video services.

The Symbio Group is one of Australia’s largest VoIP wholesale providers, carrying over 1.2 billion minutes per annum of billable VoIP traffic through its own nationwide network. Independent directors said the "revised transaction terms represent better value to shareholders than before negotiated."Symbio owns a National Carrier Grade network which interconnected with all major voice carriers, and ensures a smooth transition to the NBN for MNF clients.Symbio operates an internationally interconnected network which includes significant network assets in Singapore and New Zealand. This network is currently interconnected with over 17 Tier‐1 international carriers.