Bendigo Telco Limited (NSX:BCT) entered into a conditional binding contract to acquire Vic West Community Enterprise Pty Ltd on May 27, 2016. Under the terms of transaction Bendigo Telco Limited (NSX:BCT) will pay one Bendigo Telco Limited (NSX:BCT) shares for every 2.074 shares of Vic West Community Enterprise Pty . Vic West Community Enterprise Pty Ltd will become wholly owned subsidiary of Bendigo Telco Limited (NSX:BCT). The board of the merged group will be comprised of eight directors with two each from Bendigo Telco Limited (NSX:BCT) and Bendigo and Adelaide Bank Limited (ASX:BEN), and four continuing directors from Bendigo Telco Limited (NSX:BCT). Jeff Jordan will continue as Chief Executive Officer, Vic West Community Enterprise Pty Ltd staff will continue in agreed roles including Chief Executive Officer Geoff Hutchinson.

The transaction is subject to approval of offer by Bendigo Telco Limited (NSX:BCT)/Vic West Community Enterprise Pty Ltd Board; approval of offer by Bendigo Telco Limited (NSX:BCT) shareholders; approval of offer Vic West Community Enterprise Pty Ltd shareholders; the representations and warranties given by Bendigo Telco Limited (NSX:BCT) and Vic West Community Enterprise Pty Ltd remaining true and correct in all material respects; no material adverse change occurring in relation to Bendigo Telco Limited (NSX:BCT), Vic West Community Enterprise Pty Ltd and Community Telco Australia prior to the second court date; no prescribed occurrence occurring in respect of Bendigo Telco Limited (NSX:BCT) and Vic West Community Enterprise Pty Ltd prior to second court date and the court approving the scheme in accordance with section 411(4)(b) of the Corporation Act either unconditionally or on condition that do not impose unduly onerous obligations upon Bendigo Telco Limited (NSX:BCT) and Vic West Community Enterprise Pty Ltd. The approval from court and from Bendigo Telco Limited (NSX:BCT) shareholders has been received. As of September 2016, Bendigo and Adelaide Bank Limited sold its 50% stake in Vic West Community Enterprise Pty Ltd.

Kelly Hazell Quill Lawyers served as legal advisor to Bendigo Telco Limited (NSX:BCT) and Robert Feiner, Susie Stone, Ken Gitahi, Peter Clay, Natasha Arora and Tony Symons of Clarendon Lawyers served as legal advisor to Vic West Community Enterprise Pty Ltd.

Bendigo Telco Limited (NSX:BCT) completed the acquisition of Vic West Community Enterprise Pty Ltd in September 2016.