Hargreaves Lansdown’s takeover deal has made a significant move forward with the majority of shareholders voting for the £5.4bn transaction.
Yesterday (14 October), a majority (87%) of shareholders voted in favour of the deal while 13.3% voted against the offer.
Voting results of the Court Meeting
Results of the poll at the Court Meeting held on 14 October 2024 were as follows:
|
No. of Scheme Shareholders voting* |
% of Scheme Shareholders voting** |
No. of Scheme Shares voted |
% of Scheme Shares voted** |
No. of Scheme Shares voted as a % of the issued share capital** |
|
|
FOR |
77 |
71.30% |
322,548,048 |
86.67% |
68.00% |
|
AGAINST |
31 |
28.70% |
49,614,672 |
13.33% |
10.46% |
|
TOTAL |
108 |
100.00% |
372,162,720 |
100.00% |
78.46% |
* Where a Scheme Shareholder cast some of their votes ‘for’ and some of their votes ‘against’ the resolution, such Scheme Shareholder has been counted as having voted both ‘for’ and ‘against’ the resolution for the purposes of determining the number of Scheme Shareholders who voted as set out in this column.
** Rounded to two decimal places
The HL statement said: “Shareholders will now have to decide if they want to participate in Bidco’s ‘alternative offer’, whereby eligible HL shareholders may elect for in respect of some or all of their shares as an alternative to the cash consideration.
“The outcome of the Court Meeting and General Meeting means that Conditions 2.1 and 2.2 (as set out in Part A of Part III of the Scheme Document) have been satisfied. The Scheme remains subject to the sanction by the Court at the Court Hearing, which is expected to take place in the first quarter of 2025.”
