Ann: Changes to the Board of Directors-VOC.AX, page-19

Ok great, now we can make more sense of the merger.

What puzzled me at the time was who was taking over who. Yes it was marketed to us as a merger, yet we had two highly aspirational companies coming together both with a history of making acquisitions. Only now is it apparent that really MTU were acquiring Vocus and it is the vision of Farrow/Simmons/Bowen that will ultimately prevail via their choice of Horth. My hunch is that MTU wanted Vocus but company debt was too high to structure a deal that way, therefore Vocus had to swallow MTU.

Interestingly the pre-merger Vocus directors Spence and Brett will be staying on, and have good size shareholdings. Both have strong backgrounds in the industry, (Spence - Ozemail and Brett - TPG) and must be comfortable and confident in Horth.

Well thankfully the business is still traveling well, so hopefully a settled board will ensure a more settled share price.