GBST granted AGM extension

GBST ASX the Australian Securities Exchange acquisition fnz

27 August 2019
| By Laura Dew |
image
image
expand image

Financial technology firm GBST has been granted an extension by the Australian Securities Exchange (ASX) to hold its annual general meeting in 2020 rather than by the end of November 2019, in order to accommodate a crucial shareholder vote on its acquisition by FNZ.

According to an ASX update, GBST will be allowed to hold its 2019 AGM by 31 January, 2020 instead of by the usual date of 30 November, 2019.

The later date was agreed in order to accommodate the expected timeline for GBST shareholders’ consideration of the scheme of arrangement related to Kiwi Holdco CayCo, the parent of FNZ, acquiring 100 per cent of GBST shares.

If this proceeded to implementation, GBST said it would not be in shareholders’ interest to proceed with a 2019 AGM due to the ‘considerable expense’ the meetings entailed.

GBST shareholders were expected to vote on the matter in mid-October 2019 and an annual general meeting would now be held before 23 December or after 10 January, 2020.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

1 month 2 weeks ago

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 month 2 weeks ago

Interesting. Would be good to know the details of the StrategyOne deal....

1 month 3 weeks ago

SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positiv...

5 days 21 hours ago

Insignia Financial has confirmed it is considering a preliminary non-binding proposal received from a US private equity giant to acquire the firm. ...

4 weeks 1 day ago

Six of the seven listed financial advice licensees have reported positive share price growth in 2024, with AMP and Insignia successfully reversing earlier losses. ...

3 weeks 4 days ago

TOP PERFORMING FUNDS