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Shareholders to vote on F&C commercial property trust continuation

Shareholders of the F&C commercial property trust are to vote on the continuation of the company.

In a 2008 final results announcement to the market, F&C said voting will take place at an EGM on May 1.

The vote was triggered by the discount of the trust to net asset value which has exceeded 5 per cent for 90 consecutive days following the first anniversary of the last continuation vote in September 2007.

If the vote is successful, the trust’s directors intend to bring forward proposals for the introduction of a new holding company which would have a wider remit with the ability to invest in property securities and listed indirect property funds.

The board is also asking shareholders to approve a change in the terms of future continuation votes so that a vote is triggered if shares trade at a discount of 5 per cent for 90 days following the second anniversary of the continuation vote rather than the first.

They believe this extension would enable the managers to manage the company’s assets for the medium term rather than having to realise the portfolio on a shorter timescale.


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