itX shareholders to vote on Avnet buy

The Federal Court of Australia has ordered the shareholders of ASX-listed itX to convene on November 29 in Sydney to vote on Avnet’s proposal to acquire the distributor.

Under the scheme, itX shareholders will receive $1.55 in cash for each itX share that they hold on the scheme record date. itX has also reserved the right to pay shareholders a special dividend of up to 0.20 cents per share in addition to its normal full year dividend.

In a statement to the ASX on Wednesday, itX secretary Warwick Marks said the itX directors - Dinshaw Katrak, chairman and director; Laurie Sellers, managing director; Geoff Billingsley, non executive director; and Mahendra Amin, chief financial officer - unanimously recommend that shareholders vote in favour of the scheme at the meeting.

The recommendation came “in the absence of a superior proposal and provided that the independent expert WHK Howarth Corporate Finance continued to hold the opinion that the scheme is in the best interest of shareholders".