Financial technology firm GBST has been granted an extension by the Australian Securities Exchange (ASX) to hold its annual general meeting in 2020 rather than by the end of November 2019, in order to accommodate a crucial shareholder vote on its acquisition by FNZ.
According to an ASX update, GBST will be allowed to hold its 2019 AGM by 31 January, 2020 instead of by the usual date of 30 November, 2019.
The later date was agreed in order to accommodate the expected timeline for GBST shareholders’ consideration of the scheme of arrangement related to Kiwi Holdco CayCo, the parent of FNZ, acquiring 100 per cent of GBST shares.
If this proceeded to implementation, GBST said it would not be in shareholders’ interest to proceed with a 2019 AGM due to the ‘considerable expense’ the meetings entailed.
GBST shareholders were expected to vote on the matter in mid-October 2019 and an annual general meeting would now be held before 23 December or after 10 January, 2020.