TPG Pace Holdings (TPGH) Releases Extension Vote Info

Early this afternoon, TPG Pace Holdings Corp. (TPGH), released the details of their shareholder vote to approve their new extension deadline and the results were 100% in favor of extending.  In fact, I don’t ever recall a SPAC vote (off the top of my head) where 100% percent of voters checked off the “yes’ box. However, there were some redemptions, but as a result of today’s vote, TPGH will now have until December 31, 2019, to close their transaction with Accel Entertainment.

RESULTS

Per the 8-K, 3,247,267 of the Company’s Class A Ordinary Shares elected to redeem at a price of $10.29 share, which resulted in $33.4 million being removed from the Trust Account leaving approximately $429.7 million remaining.  As a reminder, TPGH will not be contributing any additional capital to trust for shareholders who did not redeem.

Additionally, TPGH recently filed their preliminary proxy/S-4 (September 5th), so a shareholder vote to complete will hopefully occur well before December 31st, but this extension gives them some cushion.  Look for a new proxy early to mid-October.