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Seven proxy voters approve merger

Seven Network Ltd's $3 billion merger with Kerry Stokes's WesTrac group appears set to go ahead, with proxy voters favouring the deal heavily.

Proxy votes declared prior to Tuesday's shareholder meeting, called to vote on the merger, supported the deal by 61.96 per cent to 28.94 per cent.

Proxies represented 87.99 per cent of eligible votes in the ballot.

Eligible voters at Tuesday's shareholder meeting exclude Mr Stokes's 48.7 per cent shareholding.

Mr Stokes, Seven's chairman, is ineligible to vote because he is a related party to the transaction.

WesTrac is owned by the billionaire's privately held investment vehicle Australian Capital Equity.

The votes of those shareholders actually attending the meeting on Tuesday are still to be counted.

The deal required the support of at least 50 per cent of eligible votes and 75 per cent of those who do vote.

Mr Stokes was not present at the shareholder meeting and would instead attend a related-holders meeting to be held after the shareholder meeting, at which he could vote his shares.

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More about: Australian Capital Equity, etwork, Seven Network

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