Knife-edge creation of UK property giant
The amalgamation amid the UK's two biggest property trusts might have shaped a group worth £1.6bn, but in a tremendously unyielding vote yesterday, 50.07pc of independent FCPT shareholder s discarded the offer.
F&C Reit had led antagonism to the deal, that might have led to it trailing behind the rewarding indenture to handle FCPT. It swayed warning signals that the level of the engorged group might not be helpful to shareholders, and upshot in the loss of Richard Kirby as the manager, who was highly- appreciated by shareholders.
A filament of analyst notes also subjected warnings alongside the deal, with Canaccord inquiring whether it was nuptials crafted in heaven or may be one of expediency which is designed to hand round the interests of the biggest shareholders at the cost of the wider share register.
Phoenix, the clogged -end insurer and 63pc shareholder in UKCPT, prompted the fusion with support from Friends Provident, that possess approx 50pc of FCPT prior to the selling of 16pc to Phoenix.
The duo shareholders were barred from the fusion vote as it was graded as a linked party contract, and therefore had to be permitted by independent shareholders.
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