Smartpay Holdings (ASX:SMP, NZE:SPY) said the High Court of New Zealand granted the firm initial orders regarding the proposed scheme of arrangement with Shift4 Holdings and Shift4 Payments, according to a Wednesday Australian bourse filing.

The firm will seek that the court grant final orders approving the proposed scheme if its shareholders approve it at the scheme meeting. It expects to release the scheme booklet, containing the recommendation by Smartpay's directors, the notice of meeting, and the independent adviser's report on Thursday.

Smartpay Holdings entered into a scheme implementation agreement in June with US-based Shift4 Payments, under which Shift4 Payments or its unit would acquire the company's shares for NZ$1.20 per share in cash, valuing the company at NZ$296.4 million.