Real estate developer Elliott Bernerd’s deal to become a controller of fund manager Fletcher King with a 30% stake is being dragged out by slow regulatory approval.
In an update to the stock exchange, Fletcher King said the deal agreed last October – in which it issued new shares to Bernerd, who would then become a controller of the company – had been held up as controller approval has not been received from the Financial Conduct Authority.
“The board is not aware of any reason why such approval should not be forthcoming,” it added.
Fletcher King has pushed back the long stop date by which the share purchase agreement and subscription agreement must be completed to 22 July 2022, but added: “It is hoped completion will occur sooner.”
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