The controversial $70 billion restructure of the Westfield shopping mall group will go ahead after securityholders in the Retail trust voted in favour of the deal at the adjourned special meeting in Sydney on Friday morning.
Just over 76% of votes were cast in favour of the revamp by Trust securityholders, just above the 75% required minimum.
The result means Westfield Group’s Australian assets will now be merged with those of Westfield Retail Trust to create a new company called Scentre.
Westfield Group will now focus on managing and developing the Lowy family company’s international businesses, which includes major shopping centres in the UK and US.
Only 74.1% at the special meeting end of May that was abandoned because the vote looked like defeating the proposal.
Understandably, Westfield Group and its chairman, Frank Lowy welcomed the Westfield Retail Trust meeting’s approval.
In a statement to the ASX after the result was known, Mr Lowy, said he was pleased with the result because it reflected the will of the overwhelming majority of investors in both WDC and WRT.
“Achieving a 75% ‘yes’ vote was a high hurdle but we were always confident of the intrinsic strategic merit and fairness of the proposal to both entities and we now look forward to the creation of what will be two new, great companies,” he said in the statement.
The proposal remains subject to a number of conditions, including WDC obtaining the necessary orders from the Supreme Court of NSW at the Second Court Hearing scheduled for next Monday 23 June 2014.
"Subject to satisfaction of these conditions the last day of trading in WDC securities will be Tuesday 24 June 2014. Scentre Group securities will commence trading on a deferred basis on Wednesday 25 June 2014. These dates remain subject to change pending the outcome of the Court process," Westfield Group told the ASX.
