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FCPT-UKCPT commercial property merger 'collapsed'
A business property merger that would have created a firm worth £1.6 billion has collapsed.
The deal between F&C Commercial Property Trust (FCPT) and the UK Commercial Property Trust (UKCPT) would have meant the firms formed the sixth-largest UK-listed property organisation.
But it was a close call as to whether the deal would go ahead, with 50.07% of independent FCPT shareholders rejecting plans, the Daily Telegraph reports.
Chairman of the UKCPT Chris Hill was quoted by the publication as saying: "We are clearly very disappointed that we cannot proceed with the proposed merger, despite our shareholders voting strongly in support of the scheme."
He pointed out how narrow the margin was between the decision going ahead and its rejection.
The UKCPT is run by Ignis Asset Management and has listings on the London Stock Exchange.
In a statement after the vote, FCPT said it will now look at its future and hold talks with key shareholders.
Posted by Darren Purse
The deal between F&C Commercial Property Trust (FCPT) and the UK Commercial Property Trust (UKCPT) would have meant the firms formed the sixth-largest UK-listed property organisation.
But it was a close call as to whether the deal would go ahead, with 50.07% of independent FCPT shareholders rejecting plans, the Daily Telegraph reports.
Chairman of the UKCPT Chris Hill was quoted by the publication as saying: "We are clearly very disappointed that we cannot proceed with the proposed merger, despite our shareholders voting strongly in support of the scheme."
He pointed out how narrow the margin was between the decision going ahead and its rejection.
The UKCPT is run by Ignis Asset Management and has listings on the London Stock Exchange.
In a statement after the vote, FCPT said it will now look at its future and hold talks with key shareholders.
Posted by Darren Purse
Tue, 10th Aug 2010