Scheme of Arrangement Approved Despite Betr’s Proxy Revocation, PointsBet Confirms

Clarifying the Vote Controversy

PointsBet Holdings Limited has publicly refuted recent accusations from Betr Entertainment Limited that the latter’s vote against the company’s Scheme of Arrangement was improperly excluded. According to PointsBet, these claims are inaccurate and misleading. The company clarified that Betr itself revoked the proxy it had lodged and ultimately did not cast any vote during the Scheme Meeting.

The dispute arose following the announcement of the Scheme Meeting results, which confirmed shareholder approval for PointsBet’s proposed arrangement with a subsidiary of MIXI, Inc. Betr’s statement suggested procedural irregularities, but PointsBet’s detailed explanation and confirmation from Computershare, the independent share registry overseeing the poll, contradict those assertions.

Independent Oversight and Validated Results

Computershare, acting as the returning officer for the Scheme Meeting, supervised the voting process to ensure transparency and accuracy. PointsBet emphasized that the poll results, as recorded and verified by Computershare, accurately reflect the shareholder consensus. The company noted that a senior officer from Betr logged in virtually to revoke the proxy before the poll closed but did not submit any votes thereafter.

This procedural detail is critical because it confirms that Betr’s vote was not excluded by the meeting chair or any other party, but rather was voluntarily withdrawn by Betr itself. This clarification helps to dispel concerns about the legitimacy of the voting process and the integrity of the Scheme Meeting outcome.

Next Steps Toward Scheme Implementation

With the Scheme approved by the necessary shareholder majorities, PointsBet is now preparing to advance to the Second Court Hearing scheduled for 10 – 15am Melbourne time on 26 June 2025. This hearing represents a key procedural milestone in the formal approval and implementation of the Scheme of Arrangement.

PointsBet’s advisers, Flagstaff Partners and Baker McKenzie, continue to support the company through this process. The company’s leadership remains confident that the Scheme will proceed smoothly, enabling the anticipated merger with MIXI’s subsidiary to move forward as planned.

While the voting dispute has attracted attention, the company’s transparent communication and independent verification of results should reassure investors and stakeholders about the robustness of the process.