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).
See also: Frasers Property offers 70 cents to privatise Frasers Hospitality Trust
Units in FHT last closed at 70.5 cents before its trading halt on the morning of Sept 12.
