Charter Hall completes Folkestone acquisition

7 November 2018
| By Oksana Patron |
image
image
expand image

Charter Hall and Folkestone have announced that the acquisition has been completed, with the scheme of arrangement between Folkestone and its shareholders having been implemented.

The implementation followed earlier approval by the Federal Court of Australia in October.

In August, Charter Hall first announced its plans to buy fellow property group Folkestone for $205 million, with the acquisition to be funded by cash from available investment capacity.

Folkestone also said that all its shares were transferred to Charter Hall, with shareholders receiving $1.39 per fully paid share comprising:

  • the bidder consideration of $1.354 cash for each Folkestone share held on the scheme record date, being 31 October 2018,
  • the special dividend of $0.036 in cash for each Folkestone share held on the special dividend record date, being 26 October 2018.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 5 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

17 hours 57 minutes ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 3 days ago