A critical system error by Computershare led to the exclusion of key proxy votes in PointsBet's shareholder scheme meeting, causing the acquisition resolution by MIXI to fail.
- Proxy votes from Betr Entertainment Limited incorrectly excluded
- Scheme resolution for MIXI acquisition not approved by shareholders
- Computershare admits system error and issues amended voting report
- PointsBet’s acquisition timeline now uncertain
- Legal and financial advisers involved amid procedural fallout
Background to the Scheme Meeting
PointsBet Holdings Limited, a key player in the online gambling sector, recently held a pivotal scheme meeting to approve its acquisition by Japanese tech firm MIXI, Inc. The meeting, conducted on June 25, 2025, was overseen by Computershare, the company’s registry provider responsible for managing proxy votes and the overall voting process.
The Proxy Voting Mishap
This error had a material impact on the voting outcome. The scheme resolution, which required a majority shareholder approval to proceed with the acquisition, was declared not carried based on the incorrect vote count. The amended results, issued later the same evening, showed that the resolution failed to meet the necessary thresholds due to the exclusion of Betr’s votes.
Implications for the Acquisition
The failure to secure shareholder approval throws the acquisition process into uncertainty. MIXI’s proposed takeover of PointsBet hinged on this scheme resolution passing. With the vote now invalidated by the proxy counting error, the path forward is unclear. PointsBet and its advisers, Flagstaff Partners and Baker McKenzie, will likely need to consider options such as reconvening the meeting, addressing shareholder concerns, or renegotiating terms.
Computershare’s Response and Accountability
Computershare has publicly acknowledged the gravity of the error, issuing a formal apology and committing to work with PointsBet to resolve the issue. The company’s CEO of Issuer Services for Australia and New Zealand, Marnie Reid, detailed the circumstances in a letter to PointsBet’s company secretary, emphasizing the unintended nature of the system failure and the steps taken to correct the voting record.
Looking Ahead
For investors and market watchers, this episode highlights the critical role of accurate proxy management in corporate governance and deal-making. The delay or potential derailment of the MIXI acquisition could have ripple effects on PointsBet’s strategic direction and share price. Stakeholders will be watching closely for announcements on whether a new vote will be scheduled and how the companies involved will navigate this procedural setback.
Bottom Line?
The acquisition hangs in the balance as PointsBet and MIXI grapple with the fallout from a costly proxy voting error.
Questions in the middle?
- Will PointsBet call a new scheme meeting to reattempt shareholder approval?
- How will MIXI respond to the delay and what impact will this have on the deal terms?
- What measures will Computershare implement to prevent future voting errors?