Kalkine's latest report on NTC

NetComm Wireless Limited (ASX: NTC)
Fixed Wireless Broadband developer, NetComm Wireless Limited (ASX: NTC) is currently in the midst of a proposed acquisition by Nasdaq listed Casa Systems Inc.
On 3 May 2019, the scheme booklet was released by NTC regarding the proposed acquisition, which provided the Independent Expert report, opinion of NetComm Directors on the proposed acquisition and an indicative schedule of acquisition.

NetComm & Casa (Source: Company’s Investor Presentation, Feb 2019)
Reportedly, Lonergan Edwards & Associates (LEA) had been appointed as the Independent Expert for the transaction and concluded that the offer is fair and reasonable, in the best interest of the NetComm shareholders in the absence of superior offers. Also, the scheme consideration of $1.10 per share exceeds the top end of assessed value range by Independent Expert, and LEA believes NetComm shareholders are being paid the appropriate price in lieu of the complete ownership of NetComm Wireless Limited.
Importantly the scheme consideration represents, a 41% premium the above the VVAP (volume weighted average market price) for the period 27 August 2018 (NetComm announced its results for FY18) to 21 February 2019 (last trading day before the announcement of acquisition), a 50.7 premium above the VVAP of NetComm shares for the period three-month prior to the announcement of the Scheme.
In addition to this, LEA asserted that NetComm shareholders are being paid a reasonable share of the synergy benefits expected to be achieved by Casa Systems from the acquisition of NetComm.
NTC further announced on 6 June 2019 that due to the matters raised by some NetComm shareholders and ASIC, the meeting of shareholders to approve scheme with Casa Systems is postponed to Thursday, 20 June 2019 commencing at 10:00am (Sydney time) at the office of Maddocks Lawyers, Level 23, 123 Pitt Street, Sydney NSW 2000; It would allow NTC’s shareholders’ to deliberate the supplementary revelation that NetComm proposes to respond to matters raised by both ASIC and NTC shareholders.
Today (on 06 June 2019), NTC reportedly retracted from the announcement made public on 29 May 2019, that read that CGI Glass Lewis and Institutional Shareholder Services Inc had recommended in favour of the proposed Scheme with Casa. It was stated that NTC considers CGI Glass Lewis and ISS as world’s leading proxy advisors.
The stock of the company last traded at A$1.09, flat from the previous close with a trading volume of 3,130,022 shares. The performances of the stock in the periods of past one-months, three-months and six-months are +0.23%, +1.40% and +59.12%, respectively.