London-listed online gaming operator GVC Holdings has moved a step closer to acquiring bwin.party digital entertainment after both companies secured shareholder approval to complete the deal.
At an Extraordinary General Meeting held earlier Tuesday in connection with the proposed acquisition of bwin.party, GVC confirmed that all resolutions were duly passed in the terms set out in the notice of meeting.
This included approval of the acquisition (99.91 per cent voted in favour), authority to increase share capital (99.90 per cent), authority to allot shares (99.89 per cent), and approval of new share plan (95.45 per cent).
bwin.party also confirmed Tuesday that its shareholders had approved GVC’s proposal to acquire the entire issued and to be issue ordinary share capital of the company, with 99.99 per cent of shareholders voting in favour.
Completion of the acquisition remains subject to satisfaction or waiver of certain other conditions set out in the Scheme Document, including the sanctioning of the scheme by the Supreme Court of Gibraltar which is scheduled to occur on January 29th 2016.
Subject to receiving the sanction of the Court, the scheme is expected to become effective on February 1st 2016, with admission of GVC’s shares to the Standard Segment of the Official List of the London Stock Exchange and the commencement of dealings in GVC shares on the Main Market expected to take place February 2nd 2016.
Shares in GVC Holdings plc (Co. Data) (AIM:GVC) were trading at 412.50 pence per share in London Tuesday, while shares in bwin.party digital entertainment plc (Co. Data) (LSE:BPTY) were trading up 1.32 per cent at 115.40 pence per share.