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Kensington shareholders accept £270m Investec bid

Kensington Group shareholders have voted at an extraordinary general meeting to accept the offer made by South African firm Investec.

The meeting saw 178 or 97 per cent of shareholders vote in favour of the deal, with just five – 2.7 per cent – voting against the plan.

The £270m price tag is less than half of Kensington’s value a year ago but reflects the string of profit warnings that the company has been forced to issue over that time.

Last week, Kensington revealed that first-half profits fell by 8 per cent to £26.1m compared with £28.4m last year. It has been forced to write down the value of its 57 per cent stake in Money Partners.

Completion of the acquisition is likely to take place in August. Kensington’s petition to the court to sanction the scheme will be heard on August 7.

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