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ESR-REIT’s unitholders overwhelmingly voted in favour to join forces with Viva Industrial Trust, according to an SGX filing on Friday (31 Aug).
In fact, 94.2 percent of non-abstaining unitholders who control 295,119,941 shares approved the merger, while only 5.8 percent of unitholders who hold 18,053,718 stocks voted against it.
Moreover, a resolution to issue ESR-REIT units as part of the consideration for the merger was also approved with 93.9 percent of the unitholders supporting it. Similarly, a proposed ‘Whitewash Resolution’ was backed by 92 percent of the non-abstaining unitholders.
Under the terms of the proposed merger, ESR-REIT will purchase all of Viva’s stapled securities. The latter’s unitholders will receive $9.60 in cold cash and 160 newly-issued ESR-REIT units for every 100 stapled Viva securities owned.
With ESR-REIT’s merger with Viva Industrial Trust obtaining strong approval, the Business Times reported that the parties have overcome one key hurdle to establish the 4th biggest industrial REIT in Singapore.
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