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Folkestone Green light for Charter Hall

Folketsone announced on 22 August 2018 the proposed acquisition of 100% of FLK by Charter Hall Group via a Scheme of Arrangement.

FLK shareholders will 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

The Scheme Consideration represents a 25.2% premium to the previous closing price and a 25.6% premium to the 3-month VWAP

The Folkestone Board commissioned Lonergan Edwards & Associates as an Independent Expert to prepare an Independent Expert’s Report who assessed the value of FLK to be between $1.30 and $1.42; and concluded the scheme is fair and reasonable and in the best interests of FLK shareholders.

The Folkestone Board recommended acceptance of the proposal and 98% of untiholders approved the proposal. Folkestone will now seek Court Approval to approve the Scheme of Arrangement.

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