SINGAPORE (THE BUSINESS TIMES) – Frasers Logistics & Industrial Trust (FLT)
The vote on Wednesday took place at an extraordinary general meeting where 99.85 per cent of FLT unit holders approved the merger while 99.78 per cent approved the issuance of new units to FCOT unit holders as part of the merger’s terms.
FLT would acquire all units of FCOT for $1.54 billion and would pay for them via a combination of cash and issuance of new FLT units to FCOT unit holders.
FCOT and FLT had called for trading halts on Wednesday morning ahead of separate extraordinary general meetings scheduled later in the day to vote on the merger proposal.
FLT units closed up $0.03 or 2.5 per cent to $1.23, while units of FCOT closed up $0.03 or 1.9 per cent to $1.62 on Tuesday.