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FHT shareholders vote against scheme resolution for privatisation

Frasers Property (FPL) and the manager of FHT had announced their offer of 70 cents per FHT unit to FHT’s unitholders on June 13.

Frasers Hospitality Trust’s (FHT) unitholders are opting to not go with the trust’s scheme of arrangement to privatise the hospitality trust for now.

During the trust’s extraordinary general meeting (EGM) held on Sept 12, unitholders who were present at the EGM and held 74.88% of the units in FHT, voted for the arrangement. The percentage missed the 75.0% mark narrowly by just 0.12 percentage points.

In contrast, unitholders holding some 25.12% of units in FHT, voted against the arrangement.

Frasers Property (FPL) and the manager of FHT, on June 13, announced their offer of 70 cents per FHT unit to FHT’s unitholders to privatise the hospitality trust via a scheme of arrangement.

The offer from FPL represented a premium to FHT’s last announced net asset value (NAV) of around 65 cents. The offer was also a premium of 43.8% over FHT’s 12-month volume weighted average price (VWAP).

In addition, the offer was above FHT’s historical trading multiples since its initial public offering (IPO).

Units in FHT last closed at 70.5 cents before its trading halt on the morning of Sept 12.

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