Investors have redeemed only 4% of shares from the F&C Commercial Property Trust (FCPT) ahead of its proposed merger, according to Numis.
The broker says the boards of FCPT and Ignis’s UK Commercial Property trust (UKCPT), into which FCPT would merge under current proposals, had offered a cash exit of up to 170m shares at 91p a share, 1p below the current share price.
Only 27.9m shares took advantage of the offer, or £24.8m, 4% of FCPT’s share capital. (article continues below)
As a result of the announcement, Phoenix Group will own 46.8% of the trust, according to Numis.