Absa shareholders voted overwhelmingly in favour of a scheme proposed by Barclays to acquire 32 percent of all Absa ordinary shares at shareholder meeting on Monday this week.
The Absa board's recommendation to shareholders, of the scheme of arrangement proposed by Barclays, was accepted by shareholders representing 99.01 percent of the votes exercised by shareholders present in person or by proxy.
Barclays required the support of a minimum of shareholders votes representing 75 percent shareholders, present in person or by proxy at the scheme meeting to take the process to the next step which is a court hearing to sanction the scheme of arrangement.
A successful outcome to the court hearing will result in the scheme becoming unconditional. This will require all ordinary shareholders to sell 32 percent of their shares in Absa to Barclays.
The scheme of arrangement is the first part of the proposed acquisition by Barclays of a 60 percent interest in Absa. The second part is the partial offer to all ordinary shareholders to acquire an additional 28 percent of their shares. Barclays is offering R82.50 per share, payable in cash, representing a total consideration for the scheme and partial offer of R33 billion.