Property trust wins massive backing for continuation

At an EGM in Guernsey today F&C Commercial Property Trust Limited, a London Stock Exchange listed company invested in prime UK commercial properties, gained overwhelming shareholder support for a continuation of the Company.

The continuation resolution, which was required by a self-imposed clause in the Company’s launch prospectus, received the support of 95.0% of the votes cast. Turnout was also high with some 80.4% of the total ordinary shares voted. Minority shareholders in the Company also registered a strong endorsement in favour of continuation with 85.2% of shares, excluding those owned by Friends Provident plc’s life insurance subsidiaries, voting for the resolution.

Mike Woodward, Head of Investment Trusts at F&C, commented: “We are delighted that shareholders have given such a clear and decisive endorsement in favour of continuation. While investor sentiment has caused discounts to widen across the entire listed property sector in recent months, it is important to note that F&C Commercial Property Trust has delivered excellent returns since launch. This is a blue chip property vehicle, ideally positioned to provide both institutions and private investors with exposure to the asset class.

Commercial property is an important diversifier for a well balanced long-term portfolio and we believe that a closed-end structure is a particularly attractive way of accessing a relatively illiquid underlying asset class such as bricks and mortar.”