The proposed multi-million pound takeover of a commercial property investment firm headquartered in Reading has been backed by shareholders.
McKay Securities specializes in the development, renovation and management of office, industrial and logistics properties in the South East and London.
Its strategy is to invest in well-located, quality commercial real estate assets with the potential for income and long-term capital growth.
In March, Workspace Group Plc reached agreement with McKay on the terms and conditions of a recommended offer to be made by Workspace for all of the issued and to be issued ordinary share capital of the company.
At the time, the board noted that there was a “strong strategic, operational and financial rationale” for the deal, making it a larger and more resilient group, as well as extending its reach in the Southeast.
Based on the closing price per Workspace share of 769 pence on March 1, 2022, the last business day before the date of the announcement, the acquisition valued each McKay share at 297 pence and the entire issued share capital and to issue from McKay at approximately £272 million on a fully diluted basis.
Today, the offer was backed by 98.4% of plan shareholders who voted in favor.
Each Plan Shareholder present was entitled to one vote per Plan Share held at the time the votes were recorded, the affirmative votes here being 99.89% versus 0.11%.
JP Morgan Cazenove, Rothschild & Co and Stifel Nicolaus Europe are all working on the deal.
Herbert Smith Freehills is acting as legal counsel to Workspace in connection with the acquisition. Slaughter and May is acting as legal counsel to McKay in connection with the acquisition.