Folkestone’s acquisition by Charter Hall approved by shareholders
Folkestone has announced that its shareholders have voted in favour of the proposed acquisition of the company by Charter Hall Limited, which was first announced in August.
Under the terms of the agreement, Charter Hall Limited would acquire 100 per cent of the ordinary shares in Folkestone via a scheme of arrangement.
Following the approval from its shareholders, Folkestone would seek approval for the scheme from the Federal Court of Australia and, if successful, it would lodge the orders of the court with the Australian Securities and Investments Commission (ASIC) on 23 October.
The $205 million acquisition would be funded by cash from available investment capacity, the firm said in August.
Folkestone shareholders were expected to receive $1.39 cash per share, which would comprise a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.
Recommended for you
Funds managers are being urged by financial advisers to improve their “outdated” education and communication about alternative funds as they actively target them towards retail clients.
GAM Investments has appointed Eric Finnell as its managing director for Australia after his predecessor left to take up the CEO role at Global X.
Fidelity International has looked internally to appoint a head of strategic sales and solutions for its Australian division, which is a newly created role for the business.
Global investment manager Barings has launched two private credit funds for Australian investors as advisers indicate an expectation of increasing allocations to private markets.