Trust Co approves Perpetual merger
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Shareholders in The Trust Company have approved the merger proposed by Perpetual, with 78% of votes and 83% of holders being in favour. The scheme of arrangement now needs to get court approval, which is scheduled for 3 December and should be formality. The scheme will then take effect on 4 December.
Perpetual’s share price has dipped slightly following the announcement, presumably as the market anticipates some selling from Trust Company shareholders. However, we think it should be a good deal for Perpetual over the long term, offering something to each of the company’s three divisions: Corporate Trust, Perpetual Private and Perpetual Investments.
Look out for a Boss Talk interview with Perpetual chief executive Geoff Lloyd, which we recorded earlier this week and in which he explains some of the benefits of the deal.
The stock is up 9% since we reported on Perpetual’s first-quarter fund inflow on 15 Oct 13 (Buy – $41.39) and it currently sits fractionally above our recommended buy price, but we’ll wait for some clear space before downgrading. BUY.
Note: Our Growth and Income portfolios own shares in Perpetual.
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