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LONDON - Pod Point Group (WA:PGMP) Holdings PLC announced on Friday that shareholders have approved the company’s acquisition by Energy Customers Limited (EDF (EPA:EDF)) at a price of 6.5 pence per share.
At meetings held on Friday, the requisite majorities of Pod Point shareholders voted to approve the scheme of arrangement under which EDF will acquire the entire issued and to be issued ordinary share capital of Pod Point not already owned by EDF.
The Court Meeting saw 93.04% of voting Scheme Shares cast in favor of the acquisition, representing 23.25% of the company’s issued share capital. At the General Meeting, 92.65% of votes supported the special resolution to implement the scheme.
The all-cash acquisition, first announced on June 12, remains subject to court sanction at a hearing scheduled for July 31 at the Rolls Building in London. If approved, the scheme is expected to become effective around August 1.
The transaction follows a recommendation from Pod Point’s independent directors who reached agreement with EDF on the terms of the acquisition last month.
According to a statement based on the company’s press release, the scheme document containing details of the acquisition was published on June 25. The acquisition is being implemented through a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
Pod Point, which operates in the electric vehicle charging infrastructure sector, will update shareholders on any changes to the expected timetable through regulatory announcements.
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