Westfield Retail Trust plans to resume a shareholder meeting to vote on its $70 billion restructure plan on June 20, the company informed the market last night.
Proxy preferences will be due by June 18, as the group received court approval to maintain the record date of May 27 for determining the entitlements to vote at the resumed meetings. This means any shareholders who bought into the company since the proposal was suddenly deferred last week will not have voting rights.
Under the proposed restructure, Westfield Group would merge its Australian and New Zealand business with those of the separately listed WRT to create a new entity, Scentre.
However, should the deal not receive approval from WRT shareholders, Westfield Group will still split along geographical lines.
“The independent board committee believes that there is no prospect of an amended or enhanced deal being negotiated with Westfield Group," WRT chair Richard Warburton said.
"Westfield Group has indicated that if the revised proposal is unsuccessful it will pursue the separation of its Australian and New Zealand business without any involvement by Westfield Retail Trust. This further strengthens our view that the revised proposal is in the best interests of securityholders."