Manulife REIT shareholders greenlight recapitalisation plan

The shareholders voted on the proposed plan on 14 December.

Shareholders have approved Manulife REIT's proposed recapitalisation plan.

In a bourse filing, the REIT said shareholders have voted for the divestment of Park Place in Arizona, United States (Resolution 1); the proposed sponsor-lender loan granted by the Manufacturers Life Insurance Company or an affiliate, as an interested person transaction (Resolution 2); and the proposed adoption of the Disposition Mandate to authorise the disposal of any one or more of the Existing Properties (Resolution 3).

The percentages of the total number of votes for the resolutions are as follows: 97.74% for Resolution 1, 97.55% for Resolution 2, and 98.07% for Resolution 3.

In a bourse filing, the REIT underscored that some parties were required to abstain from voting on any resolutions, and these include Manulife (International) Limited (MIL), Manulife Financial Asia Limited (MFAL), Manufacturers Life Reinsurance Limited )MLRL), the REIT’s manager, and Marc Lawrence Feliciano.