Hargreaves Lansdown plc (LON:HL) has announced the results of a general meeting of its shareholders held earlier today.
The purpose of the meeting was to vote on the proposed acquisition by Harp Bidco Limited, a newly formed company indirectly owned by CVC Private Equity Funds, Nordic Capital XI Delta, SCSp (acting through its general partner, Nordic Capital XI Delta GP SARL) and Platinum Ivy B 2018 RSC Limited.
HL announced that the Court Meeting to consider and approve the Scheme and the General Meeting to consider and pass the Special Resolution relating to the Acquisition were each held today and the requisite majorities:
- of Scheme Shareholders voted to approve the Scheme at the Court Meeting; and
-
of HL Shareholders voted to approve the Special Resolution to implement the Scheme, including the amendment of HL’s articles of association, at the General Meeting.
The outcome of the Court Meeting and General Meeting means that Conditions 2.1 and 2.2 of the Scheme Document have been satisfied. The Scheme remains subject to the sanction by the Court at the Court Hearing, which is expected to take place in the first quarter of 2025, and the satisfaction (or, if capable of waiver, the waiver) of certain other Conditions to the Scheme.
Subject to the Scheme receiving the sanction of the Court, and the filing of the Court Order with the Registrar of Companies, the Scheme is expected to become effective in the first quarter of 2025.
