abrdn Property Income to enter managed wind-down after Custodian merger vote fails

Custodian Property Income REIT

The proposed merger between abrdn Property Income (API) and Custodian Property Income REIT (CREI) has been voted down by shareholders, triggering the trust to enter a managed wind-down as a result.

API held two series of meetings where shareholders voted on the motion on Wednesday (27 March), its annual general meeting and API court meeting. The proposal needed at least 75% by value of API shares voted at both meetings, and a majority in number of API shareholders voting at the court meeting in order to pass the motion. In the end, 60.8% of votes cast were in favour of the proposal at the AGM, and 61.4% at the court meeting, failing to meet the 75% hurdle required to pass the motion. Overall, 86.15% by number of API shareholders voted at the court meeting. abrdn Property Inco...