FCPT shareholders vote against merger

Shareholders in the F&C Commercial Property Trust (FCPT) have voted against its proposed merger with the Ignis Investments’ UK Commercial Property Trust (UKCPT) at an extraordinary general meeting held today.

Votes in favour of the merger totalled 49.93%, versus 50.07% 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.”

Gary Hutcheson, the investment director of property for Ignis Asset Management, said in a statement: “We are naturally disappointed that a very close vote on a technical issue will prevent the proposals from proceeding.  (article continues below)

“We expect that the board of FCPT will now bring forward proposals over the future form of the company and the management arrangements given that they have already given notice to the current manager.”

A statement from F&C said: “The board of FCPT has stated that with its advisers it will now consider the future of the company and will consult with its key shareholders. Further to this announcement we will continue to engage with the board of FCPT on the future management arrangements for the company’s portfolio.”