Publicly listed corporate bookmaker betr has called an extraordinary general meeting for next month as it seeks approval from shareholders for a buyback of shares as part of its offer for PointsBet.
The buyback, at 32 cents per betr share, relates to the $80 million offer to eligible PointsBet shareholders, as part of what is an all-scrip offer for its rival.
Under the Corporations Act, betr must have a resolution approved via an EGM, which has now been scheduled for August 25.
While approval would give betr the ability to buy back $80 million in shares, if certain conditions are met, it could lead to as much as $200 million in shares being secured.
Betr has confirmed it would fund the $80 million with its existing cash reserves, while additional funding would be sourced from anticipated cash reserves from the combined business as well as a maximum $86 million from NAB.
It is intended that the buyback of shares would take place in September.
MIXI remains in the box seat to win the battle to buy PointsBet, whose board remains committed to an all-cash, off-market offer from the Japanese company, which would take the company private. The deadline for that offer, which requires 50.1 per cent shareholder support to proceed, is August 25.
