LONDON - Eckoh PLC, a global provider of secure payment products and customer contact solutions, announced today that its shareholders have approved a cash acquisition by Eagle UK Bidco Limited, a subsidiary of funds managed by Bridgepoint Advisers II Limited. The transaction, which will be executed via a court-sanctioned scheme of arrangement, received overwhelming support from Eckoh’s shareholders in a vote held earlier today.
The acquisition proposal, initially revealed on October 30, 2024, was subject to a series of conditions, including a review under the National Security and Investment Act. On December 12, 2024, the Secretary of State confirmed that no further action would be taken, satisfying one of the key conditions for the acquisition.
Today’s vote saw 99.42% of the voting Scheme Shareholders and 99.79% of Eckoh Shareholders at the General Meeting favor the acquisition, surpassing the required majority. Additionally, Eckoh Independent (LON:IOG) Shareholders passed the Rule 16.2 Resolution concerning the Rollover Arrangements.
The total number of Eckoh shares eligible for voting was 292,423,239, with each shareholder entitled to one vote per share held. The detailed voting outcomes will be available on Eckoh’s website.
The next step in the acquisition process is the Sanction Hearing, scheduled for January 16, 2025, at the High Court of Justice in England and Wales. If the court sanctions the scheme, the acquisition is expected to become effective around January 20, 2025. The timeline includes the last day of dealings in Eckoh shares on January 17, 2025, and the anticipated cancellation of trading on AIM on January 21, 2025.
The completion of this acquisition remains subject to other conditions outlined in the Scheme Document, including court approval. The Scheme Document is available on both Eckoh’s and Bidco’s websites.
This announcement is based on a press release statement and complies with all regulations concerning the release and distribution of such information. It should be noted that this report does not constitute a prospectus or offer document, and shareholders are advised to consult their financial advisors for further information regarding the acquisition.
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