Seven shareholders voted at meetings today to approve the proposed scrip for scrip merger of Seven and the WesTrac Group to create Seven Group Holdings, by a majority of 88.78% of votes (57,664,147 shares) and 69.27% of holders (1,880) in favour. This merger is to be effected by scheme of arrangement.
TELYS3 holders also voted to approve the proposed one-for-one exchange of TELYS3 for TELYS4 issued by Seven Group Holdings, by a majority of 85.72% of votes (2,182,980 shares) and 86.17% of holders (4,575) in favour, to be effected by a separate TELYS3 scheme of arrangement.
Seven will now seek the Federal Courts approval of the two schemes of arrangement.
Mr Kerry Stokes AC, Executive Chairman of Seven and the WesTrac Groups current owner, Australian Capital Equity, said: I am greatly appreciative of the vote of confidence today from Seven shareholders in favour of the merger of Seven and the WesTrac Group, two great companies with excellent management teams. We think that the combination of the two companies will offer growth opportunities for all Seven shareholders, and it is that growth potential that prompted us to embark upon this exercise. The Share Scheme and TELYS3 Scheme are now subject to a Court Hearing for approval, and we will not comment further until that process has run its course.
SEV Price at posting:
$7.83 Sentiment: None Disclosure: Not Held
