LONDON - Equals Group plc (Equals) shareholders have voted in favor of a takeover by Alakazam Holdings BidCo Limited (BidCo), a company backed by a consortium that includes the TowerBrook Funds, the J.C. Flowers Funds, and the Railsr Shareholders. The approval, secured through a court-sanctioned scheme of arrangement, marks a significant step towards the completion of the acquisition process.
During the court meeting and general meeting held today, Equals shareholders passed the necessary resolutions with the required majorities to proceed with the scheme. At the court meeting, convened as per a court order dated December 16, 2024, 84.68% of the voting Scheme Shareholders, representing a similar percentage by value, endorsed the acquisition. The general meeting followed suit with 89.05% support for the special resolutions related to the amendment of Equals Articles and the implementation of the scheme.
The acquisition remains conditional on the satisfaction of certain regulatory conditions and other terms outlined in the scheme document, which was published on December 17, 2024. The number of Equals shares in issue as of 6:00 p.m. on January 6, 2025, was 190,371,498, setting the stage for the voting process.
The successful outcome of the meetings satisfies conditions 2.1 and 2.2 of the acquisition agreement. The remaining conditions, including regulatory approvals, court sanction, and the delivery of the court order to the Registrar of Companies, are yet to be met.
The timetable for the scheme's implementation remains as initially set out in the scheme document. Equals Group will notify shareholders of any changes to the key dates or times by issuing an announcement through a Regulatory Information Service, which will also be available on the company's website.
The resolution details from the general meeting will be submitted to the National Storage Mechanism and made available for public inspection, ensuring transparency throughout the acquisition process.
This report is based on a press release statement from Equals Group plc.
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