Worldpay Inc has submitted its SEC filing to present the results of the company’s annual meeting yesterday May 16, 2019.
At the Meeting, the stakeholders approved four of the proposals which the company presented after exercising their voting rights. The total votes cast during the meeting were 255,655,354. This figure represents owners of Class A Common Stock who were present at the meeting and those who sent a proxy.
Stockholders approved four proposals at the meeting
The management of the payment tech company raised four business items during the meeting. After voting, the stakeholders approved all which includes, electing key personal to directors. The three people approved were Lee Adrean, Gary Lauer and Mark Heimbouch as directors under the Class 1 category.
Also, the stakeholders approved the compensation of some executive officers in the company. Howbeit on an advisory level. They also approved a particular frequency at which stockholders will vote on executive compensation on the same advisory basis.
Finally, the company raised a proposal on ratifying the Deloitte & Touche LLP appointment as Worldpay’s independent registered accounting firm. From what they proposed, the management wanted to solidify the firm’s task to handle their fiscal year. Of course, that will be the upcoming accounting period, which will end on December 31, 2019.
Merger with FIS doesn’t relate to the meeting-Worldpay’s CEO
However, we got a report that the company’s merger with FIS didn’t come up in the meeting. Let’s recall that the Worldpay’s Executive Chairman and CEO Charles Drucker said something on the same issue last month. According to him. The annual meeting has nothing to do with the merger.
Last two months on the 17th of March 2019, the company kicked off a plan to merge with FIS and its subsidiary. Worldpay was to merge with Fidelity National Information Services and Wrangler Merger Sub, Inc. After the merger, the company will continue to operate as a subsidiary of FIS.
According to the terms & conditions of the Agreement, the Payment Tech Company will get 0.9287shares of FIS common stock and $11 cash for its share. From what we gathered, this agreement is still pending subject to some conditions which include regulatory approvals and receipt form a relevant stockholder.
Also on the merger, the payment technology firm presented a report during its first quarter. The cost synergies forecast shows what it expects after merging with FIS. According to the forecast, their annual cost synergies will rise to $250 million at the end of 2019. This figure contradicts the company’s expectation of $200 million on annual cost synergies in 2020. The tech company also increased its in-year cost synergies forecast for 2019 at $180 to $190 million. This amount is also higher than what they planned before, which was $130-$140 million.
On when the merger will finally take place, the public is still expecting the company to announce it.
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