Westfield to set new meeting time shortly

Group says it will soon provide details of fresh investor meeting following last week's adjournment.

Westfield Retail Trust (WRT) says it will shortly inform the market on the details of a resumed meetings for investors to determine whether to support a $70 billion restructure plan, after a scheduled vote was deferred on May 29.

“WRT anticipates that a second supplementary securityholder booklet will be issued to all securityholders shortly, which will include details regarding the date, time and venue for the resumed meeting,” the group said in an update to the market today.

Valid proxy forms already lodged will remain valid, according to today’s release, however all shareholders may lodge new proxy forms for the resumed meeting.

The company said that the previous meeting was adjourned to ensure all shareholders had opportunity to consider the impact of new information announced on May 29.

The record date for eligibility to vote will remain 7pm on May 27.

Thursday's vote on Frank Lowy's proposed $70bn demerger of its Australian businesses appeared set to fall short after 74.1% of proxy votes were cast in favour, with 75% needed.