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Payfare Inc
Symbol PAY
Shares Issued 48,287,259
Close 2025-02-04 C$ 3.94
Market Cap C$ 190,251,800
Recent Sedar Documents

Payfare receives Glass Lewis support for Fiserv deal

2025-02-04 20:33 ET - News Release

Mr. Cihan Tuncay reports

SECOND LEADING INDEPENDENT PROXY ADVISOR GLASS LEWIS RECOMMENDS PAYFARE SHAREHOLDERS VOTE "FOR" ARRANGEMENT WITH FISERV

Proxy advisory firm Glass Lewis has recommended that Payfare Inc. shareholders vote for the previously announced statutory plan of arrangement between the company, Fiserv Inc. and 1517452 B.C. Ltd., an affiliate of Fiserv.

Pursuant to the arrangement under the British Columbia Business Corporations Act, the purchaser will acquire all of the issued and outstanding Class A common shares of the company, subject to obtaining shareholder and other customary approvals, for $4 in cash per share. The arrangement is to be voted on at the special meeting of shareholders to be held virtually on Feb. 21, 2025.

Glass Lewis is the second leading independent proxy voting and corporate governance advisory firm to recommend shareholders vote for the arrangement, following the previously announced recommendation from Institutional Shareholder Services (ISS).

The terms of the arrangement are further described in the management information circular and related materials for the meeting, all of which are available under the company's profile on SEDAR+.

Marco Margiotta, chief executive officer and founding partner of Payfare, commented: "We are pleased that both Glass Lewis and ISS have endorsed each of the board's and the independent special committee's unanimous recommendation for shareholders to vote for the arrangement resolution. These recommendations underscore the significant value the arrangement offers to Payfare shareholders."

Your vote is important regardless of the number of shares you own.

The board reminds all shareholders to vote well in advance of the proxy cut-off time on Feb. 19, 2025, at 11 a.m. (Toronto time). The meeting is scheduled to be held on Feb. 21, 2025, at 11 a.m. (Toronto time) and will be held virtually using password payfare2025.

If you have any questions or need assistance in your consideration of the arrangement, or with the completion and delivery of your proxy or voting information form, please contact Kingsdale Advisors at 1-866-581-1490 (North America toll-free) or 416-623-2513 (text and call enabled outside North America), or e-mail contactus@kingsdaleadvisors.com.

The company has retained Kingsdale Advisors as its strategic shareholder and communications adviser.

About Payfare Inc.

Payfare is a leading, international earned wage access (EWA) company powering instant access to earnings through an award-winning digital banking platform for today's work force. Payfare partners with leading e-commerce marketplaces, payroll platforms and employers to provide financial security and inclusion for all workers.

About Fiserv Inc.

Fiserv, a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500 Index and is one of Fortune world's most admired companies.

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