(Alliance News) - Just Eat Takeaway.com NV on Friday said it expects the sale of its remaining stake in the iFood Ltd joint venture to MIH Movile Holdings B.V to "occur shortly" after securing the requisite shareholder support.
In an emergency general meeting held on Friday, shareholders supported all three of the proposals put forward by the board, including the disposal of its stake in iFood.
Just Eat has around a 33% equity stake in iFood which it is selling to the affiliate of Amsterdam-based technology investor Prosus NV. This will make Prosus the sole owner of Brazil-based delivery platform iFood.
The transaction will comprise EUR1.50 billion in cash on closing and a deferred consideration of up to EUR300 million, depending on the performance of the online food delivery sector over the next 12 months.
Shareholders also voted to approve the transfer of its listing from a premium listing to a standard listing, effective December 19. Trading of its shares are expected to commence in the "Standard Listing (shares)" category on the same date.
Explaining the decision, Just Eat said premium listing places "significant additional disclosure and regulatory requirements" which create "administrative burdens, increased complexity and additional costs" for the company.
The company added that it is no longer assigned UK nationality by FTSE Russell and therefore does not benefit from inclusion in the FTSE UK Index Series, typically considered one of the key benefits of a premium listing to standard.
Finally, Just Eat shareholders approved the reappointment of Andrew Kenny and Joerg Gerbig as members of its management board, and Dick Boer and Mieke De Schepper to the supervisory board.
Gerbig, Boer and Schipper's appointments are effective immediately, while Kenny's appointment to the management board is conditional on a positive decision from the Dutch Central Bank.
Just Eat shares were down 1.2% to 1,859.80 pence on Friday afternoon in London.
By Jaskeet Briah; jaskeetbriah@alliancenews.com
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Just Eat Takeaw (JET)