Seventy-eight per cent of the votes were in favour of the resolution in relation to the proposed scheme of arrangement under which Perpetual Limited will acquire all of the shares in The Trust Company, while 22 per cent were against.
Eighty-four per cent of shareholders in The Trust Company were present and voting, either in person or by proxy.
A second court heading to approve the scheme is scheduled for 3 December 2013 at the Supreme Court of NSW.
“If the Court approves the Scheme, The Trust Company proposes to lodge the Court orders with the Australian Securities and Investments Commission and the Australian Securities Exchange so that the Scheme becomes effective on 4 December 2013,” said a Trust Company statement.
If the court approves the scheme, Trust Company shares will be suspended from trading at the close of trading on 4 December 2013.
“The implementation date for the Scheme is expected to be 18 December 2013, and the Scheme Consideration and special dividend are expected to be paid to shareholders in The Trust Company on that date,” said the statement.
Update: Perpetual chief executive Geoff Lloyd has welcomed the vote, calling it “a significant milestone for the proposed acquisition”.
“I am delighted by the outcome of the vote today which will bring together two highly complementary businesses with a shared fiduciary and service heritage, delivering greater scale and capabilities across each of Perpetual’s three business units,” he said.
“Today’s vote approving the scheme will bring us closer to delivering significant benefits for both sets of shareholders, as well as The Trust Company’s clients and employees,” said Mr Lloyd.
Perpetual is progressing well with detailed plans for the integration of The Trust Company, he added.
