SafeCharge schedules meetings for voting on acquisition by Nuvei

Maria Nikolova

The Court Meeting and the General Meeting, where the deal will be put to vote, are set to be held on July 17, 2019.

Nuvei and SafeCharge International Group Ltd (LON:SCH) today announce the publication of the Scheme Document outlining the scheme of arrangement of the acquisition of SafeCharge by Nuvei.

In order to become effective, the Scheme requires, inter alia: (i) the approval by a majority in number of Scheme Shareholders present and voting (and entitled to vote), either in person or by proxy, at the Court Meeting, representing not less than 75% in value of the Scheme Shares held by such Scheme Shareholders present and voting at the Court Meeting (or any adjournment thereof); and (ii) SafeCharge Shareholders passing the Special Resolution to be proposed at the General Meeting. The Scheme must also be sanctioned by the Court.

The Court Meeting and the General Meeting will each be held at Ground Floor, Dorey Court, Admiral Park, St Peter Port, Guernsey GY1 2HT, on July 17, 2019. The Court Meeting will commence at 1.00 p.m. and the General Meeting at 1.15 p.m. (or as soon thereafter as the Court Meeting has concluded or been adjourned).

Under the terms of the acquisition, SafeCharge shareholders will be entitled to receive $5.55 in cash for each SafeCharge share. The price of $5.55 for each SafeCharge Share, being equivalent to £4.36 per SafeCharge Share based on the Announcement Exchange Rate, represents a premium of approximately 25% to the Closing Price of £3.50 per SafeCharge Share on May 21, 2019 (being the last Business Day before the date of this Announcement).

The SafeCharge Board considers the terms of the acquisition to be fair and reasonable, and in the best interests of SafeCharge shareholders as a whole. The Board recommends unanimously that SafeCharge Shareholders vote to approve the Scheme at the Court Meeting and vote in favour of the Special Resolution to be proposed at the General Meeting, as all of the SafeCharge Directors who are interested in SafeCharge Shares have irrevocably undertaken to do or procure (in respect of SafeCharge Shares in which their spouses, civil partners and related trusts become interested) to be done, in relation to their beneficial holdings of, in aggregate, 3,443,579 SafeCharge Shares representing approximately 2.3% of the SafeCharge Shares in issue on June 17, 2019 (being the Latest Practicable Date).

The Scheme Document contains an expected timetable of principal events relating to the Scheme. Subject to obtaining the approval of SafeCharge Shareholders at the Court Meeting and the General Meeting, the sanction of the Court and the satisfaction or, where applicable, the waiver of the other Conditions, the Scheme is expected to become effective in the third quarter of 2019.

Read this next

Retail FX

Lion launches multi-currency trading accounts powered by AI

The core advantages of multi-currency trading account services include enabling significant cost savings and higher efficiency for investors.

Inside View, Interviews

Interview: Stanislav Bunimovich on Finalto’s white label solution

To explore what makes Finalto’s white-label solutions stand out in such an incredibly competitive market, Finalto sat down with its Chief Operating Officer, Stanislav Bunimovich, for an interview. 

Digital Assets

Talos acquired Cloudwall for a better portfolio management system

Cloudwall’s additional expertise in portfolio risk systems further positions Talos at the forefront of portfolio management systems across spot, futures, perps, and options.

Digital Assets

Bybit’s Bitcoin market share explodes, up by 400%

“This milestone is a testament to our sharp trading products and the loyalty of our users. As the industry evolves, Bybit remains at the forefront, ready to set new standards in the crypto trading world.”

Crypto Insider

Why Self-Custody is the Key to Secure Crypto Trading

Crypto trading is fast gaining popularity; as of writing, the total market capitalization stands at $2.3 trillion, double what it was at the onset of the 2021 bull market.

Industry News

UK FCA sues Lee Steven Maggs for FX scam Kube Trading

‘Kube Trading’ allegedly received around £2.67 million for FX trading and concealed significant losses from investors.

Market News

AUD/USD Soars Following Inflation Report

Australia’s CPI surge hints at prolonged tight monetary policy. Watch the Aussie dollar as US economic data looms.

Institutional FX

GCEX reports drop in turnover in 2023 due to crypto winter

“The crypto winter had a huge impact across the industry, and GCEX was no exception. However, in response to the decline in revenue, we have been resilient and adaptive, navigating our costs effectively and diversifying revenue streams such as introducing staking services for institutional and professional clients.”

Institutional FX

FxGrow taps Integral’s SaaS brokerage workflow

“FxGrow’s decision to partner with us is indicative of the growing advantage for brokers to leverage tier-one institutional-grade technology while maintaining control over their own platform. Integral is well-positioned to provide the SaaS solutions that will enable these businesses to better compete in the market.”

<