Shareholders in the 584m F&C Commercial Property Trust have voted against winding up the vehicle.
In an extraordinary general meeting held last Friday 94.5% of investors (79.7% excluding F&C votes and Friends Provident, which owns half the company) voted for the continuation of the company. The vote was triggered because the trust had traded at a discount to net asset value of more than 5% for 90 consecutive days.
In a second resolution, 91.3% of shareholders agreed a continuation vote should be triggered if the trust trades at a 5% discount for 90 days after the second anniversary of last weeks vote, rather than the first anniversary. This means the future of the trust is secured until 2011, according to F&C.