Pushpay agrees new Scheme offer with increased price

Pushpay Holdings Limited has agreed a new Scheme offer with an increased price of NZ$1.42 per share, up 6% from the previously offered consideration of NZ$1.34 per share.

Seven of Pushpay's largest New Zealand-based institutional shareholders, currently holding or controlling 18.6% of the company's issued capital, have undertaken to the Bidder, or stated that they intend, to vote in favour of the Scheme.

A small number of sophisticated, professional offshore event-driven fund shareholders have also entered into commitments to receive the original cash consideration of NZ$1.34 per share and vote in favour of the Scheme.

Pushpay's Non-Conflicted Directors unanimously recommend that shareholders vote in favour of the Scheme, with a new Scheme Meeting to be held in April 2023.

The Scheme remains subject to shareholder and New Zealand High Court approvals, and the revised Scheme Implementation date is expected by the end of May 2023.