PointsBet upholds shareholder vote for MIXI takeover; Tanarra Capital joins Betr recount push
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More news: Tanarra Capital, which owns 10.1% of Betr, has accused the PointsBet board of not acting in the best interest of shareholders after the ASX-listed gambling company allegedly excluded Betr from voting its full shareholding.
What they said: In a statement issued to Capital Brief the John Wylie-led fund backed Betr CEO Matt Tripp and urged PointsBet to properly consider Betr's vote in its entirety.
"It is abundantly clear there is a contested auction in progress for PointsBet, which would be facilitated by the correct admission of Betr’s shareholding in the vote count and the consequent defeat of the scheme proposal," the fund manager said.
"Mixi has in fact anticipated and planned for that outcome by proposing an alternative offer at the same value but with a lower acceptance threshold in the event of the failure of the scheme proposal.
"The only consequence of this application of a voting technicality is to deny PointsBet shareholders the potential for a contested auction at higher values than Mixi’s scheme proposal at $1.20 per share."
Tanarra called Tripp "one of Australia’s most successful entrepreneurs" and said PointsBet shareholders would be better off leveraging his capabilities.
"We believe this can deliver substantially greater value for PointsBet shareholders over time than the short-term cash-out premium from Mixi. Given Mr Tripp’s record in the industry, we have been surprised that the PointsBet board and its advisors have sought to discredit the synergy assessment by Betr in its combination with PointsBet."
PointsBet rejects Betr claims that its proxy was invalidly removed on MIXI takeover vote
More news: PointsBet has rejected rival Betr’s claim that its proxy was invalidly removed from the shareholder vote on MIXI's $402 million takeover bid of PointsBet.
In a statement to the exchange, PointsBet rejected Betr’s earlier complaint that “the chair of the meeting has impermissibly excluded Betr’s vote against the scheme and provided no basis for doing so”.
"These accusations are factually inaccurate and without basis," PointsBet said.
After confirming with share registry provider Computershare, PointsBet said that one of Betr’s “senior company officers validly logged into the scheme meeting virtually and revoked Betr’s proxy on Betr’s behalf prior to the close of the poll”.
“This person then did not lodge any votes for Betr at the scheme meeting. As noted above, this explanation is consistent with the records of the scheme meeting maintained by PointBet’s share registry,” PointsBet said.
The returning officer that oversaw the poll was a Computershare representative.
As the vote achieved the requisite majority to pass the scheme, PointsBet intends to proceed to the second court hearing to give legal effect to the scheme on Thursday at 10:15am AEST.
Betr calls for recount after PointsBet shareholders approve MIXI buyout
More news: Betr Entertainment has claimed its vote was "impermissibly excluded" from PointsBet's shareholder vote on its proposed $402 million takeover by Japanese gaming group MIXI this morning.
Betr — which holds a 19.9% voting power in PointsBet — said it validly lodged its proxy vote against the resolution and "did not, at any time, revoke that proxy".
Betr said it expects the chair of the meeting to "immediately conduct a recount of the vote and include the Betr proxy vote in full."
"If the chair of the meeting fails to do so and announce the results prior to the secound court hearing tomorrow morning, Betr will challenge the exclusion of its vote at tomorrow's second court hearing," the company said in an ASX release.
The result of the vote showed that 95.69% of PointsBet shareholders voted in favour of the resolution. It came after PointsBet told investors this morning that it expected the proposal to be rejected, as nearly 30% of proxy votes rejected the move.
PointsBet rallies while Betr tanks after MIXI buyout survives shareholder vote
More news: PointsBet shares lifted after emerging from a trading halt this morning, after the gambling company's shareholders approved its $402 million takeover by Japanese gaming giant MIXI.
PointsBet shares were up 1.3% to $1.20 at midday AEST, extending gains of more than 150% over the last 12 months.
Shares in MIXI's rival suitor Betr slumped 10.4% to 26 cents, after the company failed to leverage its 19.9% voting power in PointsBet to block the deal.
PointsBet shareholders approve $402m MIXI takeover, defying Betr revolt
More news: PointsBet shareholders have approved the bookmaker's $402 million takeover by Japanese entertainment group MIXI — despite opposition by rival suitor and major shareholder Betr.
The resolution carried after 95.69% of shareholders voted in support of the deal, while 4.31% voted against.
PointsBet told investors this morning it expected the proposal to be rejected, after nearly 30% of proxy votes rejected the move. Betr, which owns 19.9% of the company, represented 89.3% of the opposition vote.
PointsBet enters trading halt as shareholders vote on MIXI buyout
More news: PointsBet has entered a trading halt on the ASX, after its shareholders cast their votes over the proposed $402 million takeover by Japanese entertainment group MIXI this morning.
The online bookmaker requested the trading halt pending an announcement on the outcome of the vote.
PointsBet told investors this morning that shareholders are set to vote down the proposal, after nearly 30% of proxy votes rejected the move. Rival suitor Betr, which owns 19.9% of the company, represented 89.3% of the opposition vote.
PointsBet shares last closed at $1.18 and over the last 12 months have rocketed 145.8%.
PointsBet set to reject MIXI takeover after proxies tallied
The news: PointsBet shareholders are set to vote down a proposed $402 million takeover by Japanese entertainment giant MIXI, after nearly 30% of proxy votes rejected the move.
The numbers: Proxy votes showed 69.5% of shareholders were in favour of the proposal, while 29.6% opposed the deal.
Rival suitor Betr, which owns 19.9% of the company, represented 89.3% of the opposition vote. Excluding those proxies, 95.7% of PointsBet shareholders voted in favour of the resolution.
The context: PointBet told investors earlier this week that "early indications are that the requisite majority will not be achieved".
The PointsBet board had unanimously recommended the all-cash offer from MIXI.
If the deal — which requires a 75% vote majority — does not pass, MIXI has agreed to make an off-market takeover bid with a minimum acceptance condition of 50.1%.
What they said: In pre-prepared remarks for today's scheme meeting, PointsBet chair Brett Paton said the proxy votes "clearly go against the various public statements made by Betr, both to the press and formally to the ASX that based on their unsolicited interactions, Betr is aware that several PointsBet shareholders have indicated significant support for the Betr proposal".
"This further reinforces the informed understanding of our shareholders that there is only one proposal which is capable of acceptance."
