Shareholders of F&C Commercial Property Trust have voted in support of a “continuation” of the company after its share price failed to meet a self-imposed target.
Almost 95% of shareholders voted in support of the Trust’s second continuation vote in as many years.
Shareholders were forced to consider winding up the company because its stated strategy is to keep shares above a set level to net asset value.
Shareholders also voted in favour of a proposal to introduce a new holding company to provide additional flexibility to the enlarged group, including a wider investment policy.
They also approved a move that would not require the trust to hold another continuation vote until the second anniversary of today’s vote, instead of the first.
The company’s share price has suffered along with many leading property companies following the credit crisis and global economic downturn.
