INVESTORS in Abacus Property Group and Abacus Storage Fund have voted overwhelming for the merger.
Eight resolutions went to a vote at a general meeting and they were all passed.
As a result, the merger conditions have satisfied and Abacus will now wait for a waiver from the Australian Securities Exchange for the newly stapled securities.
The merger is expected to be implemented by March 06 2012.
Meanwhile Abacus’ preliminary unaudited results recorded a 1H 2012 statutory profit of $35 million, down from the previous year due to $21 million in interest rate swaps, and the remaining $14 million relates to the swap books of the funds Abacus consolidates.
Abacus’ underlying profit is expected to be approximately $39 million.
PropertyReview
