INDEPENDENT NEWS

TradeMe shareholders vote in favour of Scheme of Arrangement

Published: Wed 3 Apr 2019 04:15 PM
Trade Me shareholders have voted in favour of the Scheme of Arrangement under which all shares in Trade Me are to be acquired by Titan AcquisitionCo New Zealand Ltd.
Voting closed at 2.30 pm today at the Special Shareholder Meeting in Wellington.
The Scheme has been approved by shareholders under the Companies Act, which requires special thresholds to be met: 75% or more of the votes actually cast in each interest class need to be voted for the Scheme; and more than 50% of the total number of votes able to be cast must be voted for the Scheme. Trade Me has only one interest class of shareholders, and 396,973,029 shares on issue.
Details of the voting:
FOR (votes cast)FOR (% of votes actually cast)FOR (% of total votes able to be cast)Against
(votes cast)Against (% of votes actually cast)Against (% of total votes able to be cast)260,437,60599.29%65.61%1,869,4640.71%0.47%
The Scheme is still subject to approval by the New Zealand High Court (with the final court hearing scheduled for 16 April 2019).
Chairman David Kirk said the vote was strongly in favour of the Scheme, with 66.08% percent of shares voted. Of those shares voted, 99.29% per cent were in favour.
“The Board was unanimously in favour of this proposal and was confident that this was an attractive offer for shareholders.
“Shareholder approval is a major hurdle in this takeover process. The remaining formal step is the hearing of a High Court application later this month.
“Provided the High Court process proceeds as we expect, Titan will acquire all the shares in Trade Me in May and Trade Me will leave the NZ and Australian Stock Exchanges then.”
Mr Kirk said shareholders weren’t required to do anything further at this stage. “We'll update shareholders again after the High Court application has been heard At this stage we’d expect the Scheme to be implemented and shareholders to be paid NZ$6.45 per share, around 8 May 2019.”

Next in Business, Science, and Tech

Snail's pace: Aucklanders face frustrating commute over Harbour Bridge
By: RNZ
COVID-19 Sees Record 12.2 Percent Fall In New Zealand’s Economy
By: Statistics New Zealand
Scientists Release ‘Blueprint’ To Save Critical Ecosystems And Stabilize The Earth’s Climate
By: Joint Press Release
Independent Review Launched Into Assurances For Safe Transport Of Livestock By Sea
By: Ministry For Primary Industries
New Zealand PC Market Grows Nearly 40% Due To Work From Home Demand
By: IDC New Zealand Ltd
Public Transport Distancing Requirements Relaxed
By: Ministry of Health
New Zealand Hemp Industry Set To Generate $2 Billion Per Annum And Create 20,000 Jobs
By: New Zealand Hemp Industries Association Inc
One In 14 Employed People Report High Risk Of Losing Jobs
By: Statistics New Zealand
ASB Quarterly Economic Forecast Shows NZ Economy Doing Better Than Expected, But Challenges Remain
By: ASB
Live Export Ship Carrying 5,800 New Zealand Cows Goes Missing In East China Sea
By: SAFE
FMA Releases Report Into Active And Passive Fund Management
By: Financial Markets Authority
Engineers Assess Damage To Auckland Harbour Bridge After Truck Strike
By: NZ Transport Agency
Motorists Urged To Avoid Damaged Auckland Harbour Bridge
By: NZ Transport Agency
Harbour Bridge: Public Transport A Great Option And Plan Ahead
By: Auckland Transport
Second Harbour Crossing Needed Now, More Than Ever
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media