Charter Hall to acquire Folkestone

Charter Hall to acquire Folkestone
Charter Hall to acquire Folkestone

Charter Hall Group (Charter Hall) and Folkestone Limited (Folkestone) have announced that they have entered into a scheme implementation agreement for Charter Hall to acquire Folkestone for consideration of $205 million funded by cash from available investment capacity.

Under the terms of the Scheme, Folkestone shareholders will be entitled to receive $1.39 cash per share, comprising a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.

This follows what is described as a "strong" FY18 result from Folkestone with normalised net profits after tax of $13.9 million, up 48.1%.

Folkestone had normalised earnings per share of 9.4 cps, also up 48.8%.

Folkestone's NAV per share currently sits at $1.13, up 4.8%, while their total funds under management totals 1.6 billion, up 26.1%

Folkestone’s Managing Director Greg Paramor stated Folkestone delivered a strong FY18 result.

Tags: 
Charter Hall Folkestone

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