VHA welcomes TPG shareholder approval of merger
Vodafone Hutchison Australia (VHA) has welcomed the outcomes of today’s TPG Telecom Limited (ASX: TPM) (TPG) Scheme Meeting and Extraordinary General Meeting (EGM) relating to the proposed merger between VHA and TPG.
TPG shareholders voted in favour of the scheme of arrangement (Scheme) to merge the two companies. TPG shareholders also voted in favour of a special resolution to change the company name from TPG Telecom Limited to TPG Corporation Limited.
VHA Chief Executive Officer Iñaki Berroeta said the Scheme vote is one of the final steps towards implementation.
“Today is a significant milestone in the merger process and subject to final court approval, we will be bringing VHA and TPG together in two and a half weeks,” Mr Berroeta said.
“The merger will create a leading full-service telecommunications provider which will be well-positioned to drive stronger competition in the market and deliver benefits to customers and shareholders.”
Key dates for implementing the Scheme are summarised below:
Second court hearing
Orders will be sought from the Court for approval of the Scheme at a hearing scheduled for Friday 26 June 2020. If the Scheme is approved by the Court, it will become effective on Monday 29 June 2020.
TPG shares (under code ‘TPM’) will be suspended from trading on the ASX from the close of trading on Monday 29 June 2020.
VHA name change
Vodafone Hutchison Australia will change its name to TPG Telecom Limited on Monday 29 June 2020.
New TPG Telecom to be admitted to ASX
The new TPG Telecom Limited will be admitted to the ASX under the code ‘TPG’ on Tuesday 30 June 2020, with trading to commence on a deferred settlement basis.
The Scheme will be implemented on Monday 13 July, 2020. The new TPG Telecom will be a house of brands featuring Vodafone, TPG, iiNet, Lebara, AAPT and Internode.