GLP shareholders back privatization plan

The planned $11.7 billion sale of Global Logistic Properties (GLP), a Singapore-based provider of logistics facilities, received overwhelming shareholder support on Thursday, according to a statement from the company.    Global Logistic Properties, a Singapore-based provider of logistics facilities, revealed that its shareholders overwhelmingly approved the proposed acquisition of all the issued and paid-up ordinary shares in the capital of GLP by Nesta Investment Holdings Ltd., via a scheme of arrangement, held at the scheme meeting held Thursday.
   Of the total number of shareholders present and voting in person or by proxy at the scheme meeting, 96.02 percent voted in favor of the scheme, and of the total number of shares voted by shareholders present and voting in person or by proxy at the meeting, 99.96 percent voted in favor of the scheme.
   The scheme will be presented to the High Court of the Republic of Singapore for sanction, and if the scheme is sanctioned by the court, it is expected to become effective and binding in accordance with its terms on Jan. 10, 2018.
   The last day for trading of its shares is expected to be on Jan. 4, 2018, and shareholders can expect to receive $3.38 Singapore (U.S. $2.51) in cash per share by Jan. 19, 2018.
   However, GLP noted that it will make further announcements on the actual dates in due course.
   GLP and Nesta Investment Holdings announced the proposed privatization of GLP back in July, and GLP dispatched to shareholders the scheme document in relation to the company’s proposed privatization in October.