Business
Results of Court Meeting and General Meeting
Results of Court Meeting and General Meeting.
About this update from Custodian Property Income Reit Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\nFOR IMMEDIATE RELEASE\n \n27 March 2024\n \nRECOMMENDED ALL-SHARE MERGER\nOF\nABRDN PROPERTY INCOME TRUST LIMITED\nwith\nCUSTODIAN PROPERTY INCOME REIT PLC\n \nResults of Court Meeting and General Meeting held on 27 March 2024\nOn 14 March 2024, the Board of abrdn Property Income Trust Limited (\"API\") provided an update regarding its assessment of the recommended all-share merger with Custodian Property Income REIT (\"CREI\") (the \"CREI Merger\") and the proposal from Urban Logistics REIT plc (\"Urban Logistics\") in the context of all of the strategic options available to API, including a managed wind-down (\"Managed Wind-Down\").\nThe API Board reiterated its recommendation that API Shareholders vote in favour of the CREI Merger. It also confirmed that it intended to pursue a Managed Wind-Down in the event that the CREI Merger were not approved by the requisite majorities of API Shareholders, being 75% by value of API Shares voted at both the API Court Meeting and API General Meeting, and a majority in number of API Shareholders voting at the API Court Meeting.\nThe API Court Meeting and API General Meeting were adjourned to 27 March 2024, and accordingly the meetings were convened earlier today. The total votes in favour of the resolutions to implement the CREI Merger were 60.79% of API Shares voted at the Court Meeting and 61.37% of API Shares voted at the General Meeting, and 86.15% by number of API Shareholders who voted at the Court Meeting.\nThe proportions of API Shares voting in favour were below the minimum threshold needed to approve the resolutions. As such the CREI Merger has been terminated, the scheme of arrangement implementing the CREI Merger has lapsed and API is no longer in an offer period as defined by the City Code on Takeovers and Mergers.\nFurther to its announcements of 14 March 2024 and 20 March 2024, the API Board will now take steps to implement a Managed Wind-Down subject to the approval of API Shareholders at a general meeting. More information on this process will be set out in due course.\nJames Clifton-Br...