TASK Group Holdings acquisition scheme approved by Supreme Court of New South Wales

TASK Group Holdings Limited (ASX: $TSK) has received approval from the Supreme Court of New South Wales for the proposed scheme of arrangement, through which PAR Technology Corporation's wholly owned subsidiary PAR Global Australia Pty Ltd will acquire 100% of the issued shares in TASK. The court's orders approving the scheme have been made, and TASK expects to lodge a copy of the orders with the Australian Securities and Investments Commission on 10 July 2024, at which time the scheme will become legally effective. As a result, TASK shares on the ASX will be suspended from close of trading on 10 July 2024. Shareholders are set to receive the scheme consideration on the Implementation Date, in accordance with their Election, for each TASK Share they hold on the Scheme Record Date.

Executive Commentary on Scheme Approval

The Supreme Court of New South Wales' approval of the scheme marks a significant milestone in the acquisition process. We are pleased with the progress and look forward to the scheme becoming legally effective. We believe that this acquisition will bring about new opportunities and benefits for both TASK and PAR, allowing us to further enhance our technology solutions and provide greater value to our global hospitality clients.

Summary of Scheme Approval and Outlook

TASK Group Holdings has successfully obtained approval from the Supreme Court of New South Wales for the acquisition scheme by PAR Technology Corporation's subsidiary. The scheme is expected to become legally effective upon lodging the court's orders with ASIC on 10 July 2024. Following this, TASK shares on the ASX will be suspended from trading. Shareholders are anticipated to receive the scheme consideration on the Implementation Date, subject to their Election, for each TASK Share they hold on the Scheme Record Date. The company looks forward to the completion of the acquisition and the potential for new opportunities and advancements in its technology solutions, aiming to continue providing exceptional services to its global hospitality clients.