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LONDON - Urban Logistics REIT PLC shareholders have voted overwhelmingly in favor of the company’s acquisition by LondonMetric Property PLC, according to a statement released Friday.
At meetings held Friday, approximately 98.92% of voting Urban Logistics shareholders supported the cash and share offer, which was first announced on May 9. The acquisition is being implemented through a court-sanctioned scheme of arrangement.
The Court Meeting saw 215 shareholders representing 98.92% of shares voted supporting the scheme, while at the General Meeting, 98.94% of votes cast were in favor of implementing the acquisition.
The transaction remains subject to court sanction at a hearing scheduled for June 20, with the deal expected to become effective on June 23.
Following the acquisition’s completion, Urban Logistics shares are expected to cease trading on the London Stock Exchange (LON:LSEG)’s Main Market on June 20, with the cancellation of listing on the Official List taking effect by June 24.
The acquisition, which was recommended by both companies’ boards, will combine the two real estate investment trusts to form a larger property group.
The statement did not disclose the financial terms of the transaction.
The approval represents a significant milestone in the acquisition process, with approximately 49.52% of Urban Logistics’ issued share capital participating in the vote.
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