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FCPT shareholders vote against merger

Shareholders in the F&C commercial property trust have voted against its proposed merger with the Ignis Investments’ UK commercial property trust at an extraordinary general meeting held today.

Votes in favour of the merger totalled 49.93 per cent, versus 50.07 per cent of shareholders who voted against it.

A statement to the London Stock Exchange said although the proposals had the support of a “significant majority of shareholders they did not have the support of the independent shareholders”.

The statement continues: “The Board with its advisers will now consider the future of the company and will consult with its key shareholders.”


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A former Metropolitan Police fraud detective was jailed for nearly six years this week after admitting to fraud relating to 23 buy-to-let properties worth about £3.7m. He inflated the value to borrow over the maximum 85 per cent loan to value.


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