PointsBet intends to keep ‘open dialogue’ with shareholder Betr
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The news: Online betting platform PointsBet intends to keep an “open dialogue” with failed takeover suitor and rival bookmaker Betr, which remains a significant shareholder, according to its chair.
The numbers: Following a months-long takeover tussle between Betr and Japanese entertainment company MIXI, Betr ended up with a 27.72% stake in the company while MIXI ended up with 66.43%.
At PointsBet’s annual general meeting on Friday, roughly 22% of votes cast were against each of the six resolutions.
The context: PointsBet chair Brett Paton told shareholders that “no doubt, in the fullness of time, there will be ongoing discussions with [Betr] as a shareholder”, in response to a question at PointsBet’s annual general meeting on Friday.
Paton said that he hopes “those discussions would be as if they were any other ordinary shareholder” with regards to sharing company and confidential information. “Our intention would be to have open dialogue with them just like any other shareholder”.
MIXI Australia, of which PointsBet is a subsidiary, previously said it “cannot and will not act in concert with Betr or enter into any agreement, arrangement or understanding with Betr in relation to the composition of PointsBet’s board or the conduct of PointsBet’s affairs”.
At the annual general meeting, shareholders confirmed the appointment of three MIXI representatives to the PointsBet board. Aside from the PoinstBet chair and CEO, all other PointsBet directors retired in October.
Shareholders also passed the resolution to switch PointsBet's auditor from RSM to PwC, the latter which already audits MIXI.
The sources: PointsBet AGM, ASX
