Scheme Meeting Results
Sydney, April 17, 2019 AEST (ABN Newswire) - MYOB Group Limited (ASX:MYO) is pleased to announce that at a meeting held in Sydney earlier today, the scheme of arrangement (Scheme) pursuant to which MYOB will be acquired by an affiliate of Kohlberg Kravis Roberts & Co. L.P. was approved by the requisite majorities of MYOB shareholders.
In accordance with ASX Listing Rule 3.13.2, the resolution to approve the Scheme, as set out in the Notice of Meeting attached to the Scheme Booklet dated 13 March 2019, was passed by the requisite majorities of MYOB shareholders pursuant to orders made by the Federal Court of Australia (Court) on 13 March 2019.
73.89% of holders who voted, representing 82.59% of votes cast, were in favour of the resolution. Votes relating to MYOB shareholders who abstained from voting are not counted in determining whether the requisite majorities of votes were cast for or against the Scheme Resolution.
Further details of voting can be found at the link at the end of this announcement.
The Scheme remains subject to Court approval at a hearing which has been set for Wednesday, 24 April 2019.
If the Scheme is approved by the Court, MYOB shareholders will be entitled to receive $3.40 cash for each MYOB share held on the Scheme Record Date, in accordance with the Scheme.
Quote from MYOB Chairman, Justin Milne
"The Board today welcomes the decision by MYOB shareholders to support the Board's recommendation that the Scheme of Arrangement should proceed. While there are still several steps to take before the Scheme is complete, today's outcome demonstrates that shareholders agree with the Board that the Scheme is in their best interests.
MYOB is a great Australian company and the Board has every confidence that it will continue to thrive under the care of its new owners."
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About Myob Group Ltd
MYOB Group Ltd (ASX:MYO) is a leading provider of online business management solutions. It makes business life easier for approximately 1.2 million businesses and accountants across Australia and New Zealand by simplifying accounting, payroll, tax, practice management, CRM, job costing, inventory and more. MYOB operates across three core segments – Clients and Partners (business solutions to SMEs and Advisers); Enterprise Solutions (larger businesses) and Payment Solutions. It provides ongoing support through client service channels including a network of over 40,000 accountants, bookkeepers and other consultants. It is committed to ongoing innovation, particularly through its Connected Practice Strategy and through the development of the MYOB Platform. For more information, follow @MYOB on Twitter or visit https://investors.myob.com.au/Investors
Myob Group Ltd