Zip Co Ltd

ZIP: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Zip Co: Corporate Action - Approve Debt Restructure but Vote Against Share Issues to Urge and Twisto

Shaun Ler

Jul 11, 2023

We recommend shareholders of no-moat Zip vote in favour of the conversion of Zip’s restructured convertible note into shares. We also recommend approving the two institutional share placements that were recently undertaken to provide cash incentives to Zip’s debtholders, as these helped with gaining their consent for Zip’s debt restructure. However, we recommend voting against resolutions relating to share issuances to both the sellers of The Urge and Twisto. Zip will hold an extraordinary general meeting on July 31, 2023 for shareholders to vote on these matters. We retain our AUD 0.45 fair value estimate.

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Zip Co Ltd

Zip Co: Corporate Action - Approve Debt Restructure but Vote Against Share Issues to Urge and Twisto

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