Leo Holdings (LHC) Files Extension Vote Results

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Leo Holdings (LHC) Files Extension Vote Results

Feb 12, 2020 INTEL by Kristi Marvin

Leo Holdings Corp. (LHC), filed an 8-K this evening detailing the results of their recent shareholder vote to extend their completion deadline to July 31, 2020 (held on February 11th), and unsurprisingly, thanks to a share price trading well above current estimated trust value, LHC had minimal redemptions.  This is despite LHC not offering any contribution to trust for non-redeeming shareholders.

In connection with this vote, the holders of 687,193 shares of common stock properly exercised their right to redeem at a redemption price of approximately $10.38 per share, for an aggregate redemption amount of approximately $7,133,063. That leaves a trust account balance of approximately $200.4 million

As you can see below, the extension was approved by all the voting shareholders with zero “no” votes, abstentions or broker non-votes. Leo Holdings now has five and a half months to announce and complete a business combination, but keep in mind that they have already previously “tentatively” announced that they have signed a termsheet with Digital Media Solutions.  Given that LHC is now past their extension vote, hopefully we get a definitive announcement shortly and LHC gets to move towards a combination close.  Stay tuned.

FORAGAINSTABSTENTIONSBROKER NON-VOTES
19,465,32900N/A

 

 

 

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