(Alliance News) - Capital & Counties Properties PLC on Monday said shareholders have approved the acquisition of the second tranche of shares in Shaftesbury PLC.
In May, the London-focused property investor agreed to purchase a 26% stake across two tranches in Shaftesbury - a real estate company focused on London's west-end entertainment district.
The first tranche of a 21% stake completed in June.
At the general meeting on Monday, Capital & Counties' shareholders approved the acquisition of the second tranche which comprises 16.3 million shares. The vote saw 72% of shareholders vote in favour of the purchase while 28% were opposed.
The acquisition of the second tranche is expected to complete on Thursday.
Shares in Capital & Counties were trading 1.1% lower at 135.30 pence each while Shaftesbury shares were trading 1.0% lower at 536.00p each.
Financial markets were closed in Johannesburg on Monday, with CapCo last closing at ZAR31.24 each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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