Mid-week ASX property wrap: 25 January

HomeCo and Aventus held meetings to vote on merger
HDN and AVN carried all resolutions
Bruce McEwin to remain FBU chief executive

As the public holiday approaches, the mid-week wrap comes a tad early.

It remains a largely quiet time for listed real estate companies with little more than companies divvying up dividends, and some half-year results slowly rolling in.

The only major news came from Aventus and HomeCo about the upcoming proposed merger, with Aventus announcing early election numbers.

The broader market

The ASX200 closed today at 6,961.60 points, taking a 2.49% dive from this morning when the markets opened at 7,139.50 points.

Tuesday last week, the market closed at 7,408.80 points.

asx-mid-week-tuesday-25-january-2021-chart — Image: Google.

The movement

Starting with Friday last week (21 January 2022), Fletcher Building (ASX: FBU) announced that Teresa Rendo will not be taking on the position of Chief Executive, withdrawing from the role due to personal reasons. Bruce McEwin has agreed to remain in the Chief Executive role.

Aventus (ASX: AVN) announced, regarding the Aventus and HomeCo merger, that 788 securityholders, representing 221,518,179 AVN securities made Elections to receive the HomeCo Scrip Consideration. While the company is still processing election forms, the company said the final election outcome is not expected to materially differ from the outcome thus far.

The merger involves the unstapling of AVN shares and units, with HomeCo Daily Needs REIT acquiring all AVN units, and HomeCo acquiring all AVN shares.

On Monday, HomeCo Daily Needs REIT (ASX: HDN) held a general meeting to vote on resolutions relating to the proposed merger of HDN and Aventus.

The merged company will rank second behind SCA Property Group (ASX: SCP) by market capitalisation, and include 51 properties in its portfolio.

The result of the HDN meeting saw all five resolutions carried.