Pushpay Holdings (ASX:PPH) has provided an update on the proxy votes received in respect of the resolution to approve the scheme of arrangement with Pegasus Bidco (Bidder) which is to be put to shareholders at the Scheme Meeting on March 3.
The proxy votes received show that absent a material change in the votes of shareholders who have already cast proxy votes, the Scheme will not receive the required 75% majority of the Second Interest Class and the resolution will not pass.
If the Scheme is not approved by shareholders at the Scheme Meeting, Pushpay and the Bidder have until 5:00 pm (NZT) on March 7 to agree to hold another shareholder meeting.
If this does not occur, either Pushpay or the Bidder can terminate the Scheme Implementation Agreement, in which case the Scheme will not proceed and Pushpay will remain listed on the NZX and ASX.