Smartpay has announced that it has received initial orders from the High Court in relation to the scheme of arrangement with Shift4 Holdings and Shift4 Payments.
The company clarified that the granting of initial orders does not constitute High Court approval of the scheme.
If shareholders approve the scheme at the upcoming scheme meeting, Smartpay will seek final orders from the High Court.
The scheme booklet, which will include the directors' recommendation, notice of meeting, and independent adviser's report, is expected to be released tomorrow.
It will also provide details of the scheme meeting and indicative dates for the remaining steps in the scheme process.
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