And Lend Lease has won the approval of Lend Lease Primelife Group securityholders for its take out offer.
Securityholders in Lend Lease Primelife yesterday voted on the mop up offer from Lend Lease after some resistance.
Lend Lease said yesterday in a statement that "Under the scheme and subject to court approval, Primelife security holders at the Record Date of 22 December 2009 will receive A$0.35 for each Primelife security held.
"Payment will be made on the Implementation Date of 23 December 2009. All security holders will receive this consideration even if they did not vote or voted against the proposal."
Lend Lease CEO, Steve McCann said in the statement: “We are very pleased that Primelife security holders have supported Lend Lease’s proposal. “This acquisition consolidates Lend Lease’s position in the senior living sector, a sector identified as a growth opportunity for the group.
"Our focus will now be on enhancing Primelife’s position in owning, operating and developing product for the senior living sector.
"We believe that Primelife will operate more effectively as part of the broader Lend Lease Group, where it is not subject to the capital constraints faced by Primelife as a listed entity."
Lend Lease said it is anticipated that the schemes will be implemented on 23 December 2009 in accordance with the timetable set out in the Scheme Booklet.
"Following implementation, Lend Lease will conduct a detailed review of the Primelife business with the aim of determining the optimal structure for its senior living business," the company said.
