Update on Proxy Voting for Special Meeting

Abano Healthcare Group Limited (NZX: ABA) wishes to provide an update on proxy votes received in respect of the resolution to approve the scheme of arrangement which is to be put to the special meeting of shareholders on 20 March 2020.

As at 5.00pm on Wednesday 18 March 2020, Abano has received proxy votes for 21,623,375 shares, representing 82.27% of the total number of Abano shares on issue.  Those proxy votes are as follows: [1]

Resolution: That the Scheme (the terms of which are described in the Scheme Booklet) be and is hereby approved.

For 20,819,762 shares 96.28%
Against 112,381 shares 0.52%
Abstain 132,825 shares N/A
Discretionary 691,232 shares 3.20%

While Abano would not normally advise proxy votes prior to the vote at the meeting, given the current circumstances and the restrictions around attendance at the meeting as advised on 16 March 2020, the Board believes this announcement is appropriate to ensure shareholders are able to make an informed decision as to whether or not to attend the meeting.

For the resolution to pass, the following thresholds must be satisfied:

1.      75% or more of the votes cast must be voted in favour of the resolution; and

2.      more than 50% of the total number of Abano shares on issue must be voted in favour of the resolution.

Based on the current number of proxy votes cast, both of these thresholds will be satisfied.


[1] In accordance with the initial orders of the High Court (released to NZX on 14 February 2020), Abano reserves the right to accept proxy votes received after 10am on 18 March 2020.

Abano Update on Proxy Voting