Folkestone, Charter Hall merger to go ahead
The Federal Court of Australia has approved the proposed scheme of arrangement under which Charter Hall Limited will acquire 100 per cent of the ordinary shares in Folkestone.
A copy of the court’s orders would be lodged with the Australian Securities and Investments Commission (ASIC) on 23 October.
Following this, Folkstone would apply to suspend its shares from trading on the same date.
The acquisition was first announced in August when Charter Hall Group announced it had agreed to buy fellow property group Folkestone for $205 million. The acquisition was to be funded by cash from available investment capacity, the firm said at that time.
Under the agreement, Folkestone shareholders were to receive $1.39 cash per share, comprising a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.
AUTHOR
Oksana Patron
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
