First Opportunity Fund (ASX:FOF) has scheduled for June 16 the shareholder meeting to vote on its planned reverse takeover of telecom operator Vocus.
FOF has proposed to pay $20 million for Vocus, then re-listing on the ASX under the Vocus name.
As part of the proposed merger, the company will sell its residual wine assets, and distribute the proceeds plus up to $1.5 million in excess capital in order to ensure FOF shares are trading at $0.50 per share on the date of the transaction.
FOF will then raise $6 million via share placements and a public offer at $0.50 per share.
Director Alan Chonowitz and chairman John Keniry will then resign from the board, to be replaced by David Spence, James Spenceley, Mark de Kock, Paul McConnell and Nicholas McNaughton.
The company expects to be done with the merger by June 30.