Early this afternoon, TPG Pace Holdings Corp. (TPGH), released the details of their shareholder vote to approve their new extension deadline and the results were 100% in favor of extending. In fact, I don’t ever recall a SPAC vote (off the top of my head) where 100% percent of voters checked off the “yes’ box. However, there were some redemptions, but as a result of today’s vote, TPGH will now have until December 31, 2019, to close their transaction with Accel Entertainment.
Per the 8-K, 3,247,267 of the Company’s Class A Ordinary Shares elected to redeem at a price of $10.29 share, which resulted in $33.4 million being removed from the Trust Account leaving approximately $429.7 million remaining. As a reminder, TPGH will not be contributing any additional capital to trust for shareholders who did not redeem.
Additionally, TPGH recently filed their preliminary proxy/S-4 (September 5th), so a shareholder vote to complete will hopefully occur well before December 31st, but this extension gives them some cushion. Look for a new proxy early to mid-October.