Allied Esports Entertainment updates special stockholder meeting details
Company’s intended sale of the World Poker Tour hits legal snags.
Allied Esports Entertainment, Inc., on Friday provided an update regarding its scheduled special stockholder meeting to review the potential sale of its interest in the World Poker Tour.
The meeting, currently slated for June 28, will allow stockholders to consider and approve AESE’s sale of 100% of the outstanding capital stock of Club Services, Inc., (CSI) to Element Partners, LLC.
CSI is an indirect, wholly-owned subsidiary of AESE that directly or indirectly owns 100% of the outstanding capital stock of each of the legal entities that collectively operate or engage in the company’s poker-related business and assets.
Allied Esports Entertainment was formed by the combination of Allied Esports and the World Poker Tour via a stock purchase agreement announced in March.
On Friday, AESE said the agenda for the special meeting includes a proposal to adjourn the special meeting to a later date or time if necessary or appropriate, including to solicit additional proxies, if there are insufficient votes at the time of the special meeting to approve the WPT sale transaction.
Ourgame International Holdings Limited, the company’s largest stockholder, beneficially owning approximately 30.6% of AESE’s outstanding common stock through Primo Vital Limited, its wholly owned subsidiary, has advised the company that the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited, on which Ourgame’s stock is listed, requires Ourgame to obtain approval from its stockholders prior to voting its shares of AESE’s common stock owned by Primo at the special meeting.
Ourgame has further advised AESE that it has called an extraordinary general meeting of its stockholders to consider the approval of the WPT sale transaction. The Ourgame meeting currently is scheduled to take place on June 30, Hong Kong time, which would be after the date of the AESE special meeting.
AESE said if there are insufficient votes to approve the WPT sale transaction at its special meeting, the company intends to adjourn the special meeting to a later date after the Ourgame meeting.
If there is an adjournment, AESE said it will issue a press release announcing the date and time on which it will reconvene the special meeting.
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