Pushpay shares in trading halt ahead of voting on takeover offer

Pushpay has received a takeover offer from BGH Capital and Sixth Street at $1.34 a share. Photo / NZME

Pushpay Holdings has been put in a trading halt while it prepares an announcement related to proxy votes ahead of its special meeting.

Shareholders have been casting proxy votes for or against a scheme of arrangement, which would allow BGH Capital and Sixth Street to take the firm private at $1.34 a share.

A cohort of institutional investors, with a combined stake of about 12 per cent, have already announced they will vote against the scheme.

Market regulator NZ RegCo said Pushpay had been placed in a trading halt “pending the release of an announcement from the issuer relating to proxy votes”.

The company was set to hold a special meeting this Friday to finalise voting for the scheme.

The scheme will not proceed if more than 25 per cent of the shares, not associated with the buyer, are voted in opposition to the deal.

Pushpay shares were trading at $1.28 prior to the halt.

- BusinessDesk