SEK.ASX: Scheme Meeting Results

Scheme Meeting Results

Stock	Seek Ltd (SEK.ASX)
Release Time	4 Feb 2025, 8:21 a.m.
Price Sensitive	Yes

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Xref Shareholders Reject Acquisition by SEEK

Key Points

Scheme of arrangement proposed by SEEK to acquire 100% of Xref shares not approved
78.82% of Xref shareholders voted in favor, but 75% threshold not met
Scheme Implementation Deed terminated, Xref to continue as independent business

Full Summary

Xref Limited (ASX:XF1) has announced the results of the Scheme Meeting held on 3 February 2025 regarding the proposed scheme of arrangement under which SEEK Limited's (ACN 080 075 314) nominee and wholly owned subsidiary, SEEK International Investments Pty Ltd (ACN 121 858 231), proposed to acquire 100% of Xref's shares. While 78.82% of Xref shareholders present and voting at the meeting voted in favor of the Scheme Resolution, this did not meet the required threshold of at least 75% of the votes cast. As a result, the Scheme was not approved by the requisite majorities. Following the Scheme Meeting results, Xref and SEEK have agreed to terminate the Scheme Implementation Deed dated 14 November 2024 with immediate effect, and the Scheme will not proceed. Xref will now continue to execute its growth strategy as an independent business and will release a business update in the coming days.