The proposed merger of the Cordish Dixon private equity funds has been called off after investors voiced their disapproval with the plan to unite them into a single $650 million unlisted fund.P Investments, the responsible entity for the three ASX-listed funds and one unlisted fund, said it had decided to withdraw the proposal ahead of the November 7 votes.
The initial proposal revealed on October 5 was for the three ASX-listed funds with $362 million of assets and a fourth $296 million unlisted fund to merge into one of the listed funds, before delisting and converting into an unlisted open Evergreen fund in May next year.as the proposed new fund would allow only redemptions of up to 5 per cent of assets every six months and subject to certain conditions.
It said the responsible entity had not acted in the best interests of unitholders and that the “potential benefits of the scheme are immaterial, illusory or have been overstated”.
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