Folkestone, Charter Hall merger to go ahead
The Federal Court of Australia has approved the proposed scheme of arrangement under which Charter Hall Limited will acquire 100 per cent of the ordinary shares in Folkestone.
A copy of the court’s orders would be lodged with the Australian Securities and Investments Commission (ASIC) on 23 October.
Following this, Folkstone would apply to suspend its shares from trading on the same date.
The acquisition was first announced in August when Charter Hall Group announced it had agreed to buy fellow property group Folkestone for $205 million. The acquisition was to be funded by cash from available investment capacity, the firm said at that time.
Under the agreement, Folkestone shareholders were to receive $1.39 cash per share, comprising a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.
Recommended for you
There is one specific risk that is a significantly higher concern for financial services directors compared to companies overall and is impacting their risk appetite, according to the AICD.
Global fund managers are shunning bonds, with the asset class seeing the largest drop in allocations in more than 20 years.
Australian Ethical has seen its funds under management reach $10 billion, driven by organic customer growth and superannuation contributions.
Financial advisers will have access to private equity investments run by WTW for the first time as it launches a pooled fund to provide savers with access to traditionally institutional assets.