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TASK Group Holdings (TSK) investor relations material

TASK Group Holdings EGM 2024 Presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for TASK Group Holdings Limited
EGM 2024 Presentation summary4 Jul, 2024

Transaction overview

  • PAR Technology Corporation, via its subsidiary, agreed to acquire 100% of TASK Group Holdings through a scheme of arrangement, with all amounts in AUD.

  • Shareholders can elect to receive either $0.81 per share in cash or a mix of cash and PAR scrip (up to 50% scrip at a 0.015 exchange ratio); foreign shareholders receive only cash.

  • The TASK Board unanimously recommends voting in favor of the scheme, supported by an independent expert, citing a significant premium and flexible consideration options.

  • Reasons to vote against include preference for TASK as a standalone business, belief in a potential superior proposal, or disagreement with the scheme's value.

  • The scheme is supported by shareholders holding approximately 18.93% of TASK shares.

Conditions and timetable

  • Outstanding conditions include shareholder approval, Supreme Court of NSW approval, NYSE approval for PAR shares, and no material adverse events.

  • Key dates: Court approval sought on 9 July 2024, ASX trading suspension on 10 July, record date on 12 July, and scheme implementation on 19 July 2024.

  • As of the meeting, the board was not aware of any issues preventing satisfaction of conditions.

Voting results and resolutions

  • At the scheme meeting, 99.96% of votes cast supported the scheme, with 57.18% of eligible securities voted.

  • At the extraordinary general meeting, shareholders approved the issue of 666,667 RSUs to CEO Daniel Houden and 249,615 RSUs to Dean Houden, each with 94.55% support.

  • Voting processes were conducted virtually, allowing written and verbal questions and real-time vote changes.

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Frequently asked questions

TASK Group Holdings Limited is a New Zealand-based technology company specializing in providing integrated transaction management and customer engagement solutions for the hospitality and retail sectors. TASK’s platform offers software and hardware solutions, including point-of-sale (POS) systems, digital ordering, payment processing, and loyalty programs, enabling businesses to streamline operations and enhance customer experience. The company serves a range of clients globally, focusing on improving efficiency and customer engagement through its advanced digital solutions. The company is headquartered in Auckland, New Zealand, and its shares are listed on the ASX.

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