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- TPG Telecom’s (TPM) shareholders have approved the company’s merger with Vodafone Hutchison Australia through a scheme of arrangement
- Over 99 per cent of shareholders voted in favour of the resolution at an extraordinary general meeting
- TPG will now seek approval for the scheme from the Supreme Court of New South Wales later this week
- Pending Court approval, the company’s shares will be suspended from trading on the ASX on June 29, 2020
- TPG Telecom shares have fallen 0.11 per cent today, trading for just over $9 per share
TPG Telecom’s (TPM) shareholders have approved the company’s merger with Vodafone Hutchison Australia through a scheme of arrangement.
The company held an extraordinary general meeting with shareholders to gain their approval for the merger scheme. Over 99 per cent of TPG shareholders voted in favour of the scheme.
While there, a majority of shareholders also approved TPG’s name change.
TPG’s Chairman, David Teoh, said that TPG shareholders voted overwhelmingly in favour of the proposed merger with VHA.
“This is an important milestone to have reached, as we work to bring together our two highly complementary businesses to create a leading integrated, full-service telecommunications company with a comprehensive portfolio of fixed and mobile products in the Australian telecommunications market,” he said.
With shareholder approval in hand, TPG will now seek approval for the scheme from the Supreme Court of New South Wales. The hearing with the court is scheduled for June 26, 2020.
If the company receives the Court’s approval, it plans to lodge the Court order with the Australian Securities and Investments Commission on June 29, 2020. The scheme of arrangement for the merger will become effective on that date.
After close of trading on June 29, TPG shares will be suspended from trading on the Australian Securities Exchange (ASX). Shares in Vodafone Hutchison Australia will also be renamed TPG Telecom on that date.
On June 30, 2020, VHA shares will be admitted to the ASX’s official list under their new names, and under the code TPG. Trading will start on a deferred settlement basis, eventually converting to ordinary settlement trading on July 14, 2020.
TPG Telecom shares have fallen 0.11 per cent today, trading for $9.01 per share at 10:51 am AEST.
