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.