Tag: WFD – SCG

The adjourned special meeting of Westfield Retail Trusts’ (WRT) securityholders reconvenes in Sydney at 10am today with no one any wiser as to how the proxies for the vote have gone.

The controversial $70 billion restructure of the Westfield shopping mall group will go ahead after securityholders in the Retail trust voted in favour of the deal at the adjourned special meeting in Sydney on Friday morning.

Frank Lowy’s Westfield Group (WDC) continues to play hardball with Westfield Retail Trust (WRT) by threatening to set up a new company to hold its Australasian interests regardless of the outcome of that adjourned meeting of WRT securityholders on June 20.

The $70 billion reshuffle of the Lowy family controlled Westfield shopping centre group will be delayed a fortnight, or possibly longer while the two companies, their boards, advisers and perhaps the regulators try make sense of an extraordinary day in Sydney yesterday.

Two of the most important shareholder meetings of the year will be held in Sydney this Thursday when security holders in Westfield Group (WDC) and Westfield Retail Trust (WRT) meet to discuss and vote on the third restructure of the Lowy family’s shopping centre empire in a decade.

The Lowy family and Westfield (WDC) have blinked and changed the terms of their controversial split plan, first revealed last December, in an attempt to save the deal from possible defeat at a meeting of securityholders on May 29.

Westfield Group’s (WDC) plans to split the empire for a second time in four years continues to worry investors and credit raters.

Westfield (WDC) has slimmed down its involvement in the UK market by selling three of its smaller UK shopping centres for a profit of $1.1 billion.

The two Westfield shopping mall companies revealed 2013 full year results in line with previous guidance this morning.

Will the Lowy family and its Westfield Group blink and be forced the change the terms of its proposed separation?

More change in the Westfield Group (WDC) empire of the Lowy family with the present two-company structure remaining, but with a completely reshuffled make-up.