F&N shareholders give nod to distribution in specie of Frasers Centrepoint

Fraser & Neave (F&N) shareholders have voted unanimously in favour of the company's proposed distribution of Frasers Centrepoint (FCL) shares by way of a dividend in specie, at a meeting today.

The support votes also included those from TCC Assets, which holds about 61.67 per cent of F&N shares.

Separately, the New Zealand Overseas Investment Office has ruled that the FCL distribution is exempted from its approval under the Overseas Investment Act 2005.

The office's consent had been sought in relation to the overseas investment, as a result of the FCL Distribution, in certain land held by the FCL Group that is classified as sensitive land.

Paving the way for its listing, FCL has also received the eligibility-to-list on the mainboared from the Singapore Exchange by way of an introduction.

The distribution and proposed listing of FCL shares, announced on Aug 27, will enable F&N to unlock shareholder value by demerging its property business from its food and beverage, as well as printing and publishing businesses.

F&N shareholders will receive, without any cash outlay, two FCL shares for every F&N share.

Following the distribution, F&N will no longer hold an interest in FCL.