Over the Wire (ASX: OTW) Acquisition

THE CLIENT

Over The Wire Holdings Limited (OTW) is a Brisbane-based provider of telecommunications, cloud and IT solutions. It has a national network with Points of Presence (POPs) in all major Australian capital cities and Auckland, New Zealand. The company was founded by Michael Omeros and was first listed in 2015. OTW was  named in the Financial Times Top 500 High-Growth Companies Asia-Pacific 2021, and joined the exclusive ranks of Tier 1 Voice Carriers in 2021.

THE TRANSACTION

In December 2021 OTW announced it had entered into a Scheme Implementation Deed with ABB under which it is proposed that ABB will acquire 100% of the share capital in OTW by way of  recommended scheme of arrangement. The offer price of $5.75 (comprising cash, ABB shares or cash and shares) represented a 20 to 31% premium to OTW's 30-day VWAP to 21 October 2021 and 29% to 40% premium to OTW's 60-day VWAP to 21 October, 2021. The scheme was unanimously recommended by the Board of OTW and was completed in March 2022 with OTW shares ceasing trading on the ASX.

RGC'S ROLE

RGC was appointed by OTW in May 2021 to undertake a comprehensive earned media and investor relations campaign to help build the investable brand and awareness of OTW with retail and institutional shareholders. The campaign encompassed a range of tactics, including developing ASX announcements and investor presentations, organising institutional investor meetings and managing sell-side analytical coverage. Priot to the offer, RGC also developed a comprehensive media outreach strategy to build the company's profile with the investment community. The company's strong financial performance, together with RGC's campaign, helped to attract a range of new shareholders to the company, while growing the share price and boosting the VWAP of the ABB offer.