Investors in PRD Investments (PRDI) have voted in favour of a proposed restructuring i.e. doing an in-specie distribution of the Poplar units owned by PDRI, and then liquidating PDRI. On a shareholding basis there was 79% support for the special resolution that gives effect to the restructuring. On a number of shareholder basis 80% of shareholders voted in support of the resolution.
From here, the next step involves the offeror working with the board of the farm syndicate to put together valuation information on which the shareholders will be asked to select a share price to be used in the pre-emptive rights that are obliged to be followed i.e. the price at which the shareholder would be prepared to sell their units to other investors in the Poplar Road farm syndicate.