Trust shareholders give green light to Perpetual offer

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The Trust Company shareholders have overwhelmingly endorsed Perpetual’s take-over offer, with more than 83 per cent voting in favour of the Scheme Resolution which would result in the merger of the two groups. 

About 16 per cent of shareholders voted against the offer, with those abstaining from the vote totalling half of one per cent of the 23.6 million votes cast. 

According to documents posted to the Australian Securities Exchange (ASX) more than 22.6 million votes were cast by proxy with 77.8 per cent of those votes favouring the deal and a total of 78.42 per cent of all votes approving the take-over bid. 

The vote opens the way for the deal to be finalised in the event it is approved in the Supreme Court of New South Wales. A court hearing is scheduled for 3 December. 

Trust stated that if the court approves the Scheme it would lodge the court orders with the Australian Securities and Investments Commission and ASX so that the Scheme would become effective on 4 December. 

Trust shares would also be suspended from trade at the close of trading on that day and the Scheme implemented on 18 December.

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