UK - Investors in the F&C Commercial Property Trust have voted overwhelming forthe continuation of the company, despite an earlier drop in its performance.
Shareholders of the trust were called to anextraordinary general meeting (EGM) in Guernsey after the trust's sharevalue dipped to a level which triggered a continuation poll of its members.
Under the terms of the vehicle's self-imposed rules, an EGM must be called and investors invited to decide whether to continuethe existence of the trust in circumstances where the discount falls below 5% for 90 consecutive days.
However, the vote received thesupport of 95.0% of the votes cast and turnout was high as 80.4% of the total ordinary shares voted.
Continuation of the trustappeared inevitable as Friends Provident, parent group to F&C andwith a 53% shareholding, had already indicated it would vote forcontinuation (see earlier IPE Real Estate story: F&C property trust to decide whether to quit).
Minority shareholders in the Company eventually endorsed its continuation through a 85.2% in favour.