The Vodafone-Sky merger is set to be put to shareholders at 10.30am tomorrow morning (July 6) at the Pullman Hotel in Auckland.
Presentations in the past have included Sky chairman Peter Macourt, Sky CEO and director John Fellet, Sky CFO Jason Hollingworth and Vodafone NZ CEO Russell Stanners.
News broke last month of the proposed merger, in which Sky will purchase 100% of Vodafone NZ shares, and new shares issued to Vodafone totalling 51% of all Sky shares.
According to Sky, the 'Special Meeting' will consider "three resolutions approving the entry by Sky into elements of the Proposed Transaction". These resolutions include the acquisition approval itself, approval of new debt incurrence and approval of new share issuance, as outlined in Sky's Explanatory Memorandum.
Shareholders are being asked to consider ten factors that will influence the direction of the merged company:
Sky says that shareholders may consider voting against the proposal due to:
The memorandum states that the total acquisition enterprise value of the merger is $3.437 billion and includes a share Issue price to Vodafone of $5.40. The memorandum also states that Vodafone will hold 405,023,041 shares, or 51% of total shares. The total amount of shares held by existing shareholders is 389,139,785, or 51% total.
Sky Shareholders who could not attend the meeting have cast their vote via proxy vote, which closed yesterday. The remaining shareholders will cast their votes at the meeting tomorrow.