Folkestone

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Charter Hall Group (Charter Hall) and Folkestone Limited (Folkestone) have announced that they have entered into a scheme implementation agreement for Charter Hall to acquire Folkestone for consideration of $205 million funded by cash from available investment capacity. Under the terms of the Scheme, Folkestone shareholders will be entitled to receive $1.39 cash per share, comprising a Charter Hall cash consideration of $1.354 per share and a special dividend of $0.036 per share.
This follows what is described as a "strong" FY18 result from Folkestone with normalised net profits after tax of $13.9 million, up 48.1%.
Folkestone had normalised earnings per share of 9.4 cps, also up 48.8%.
Folkestone's NAV per share currently sits at $1.13, up 4.8%, while their total funds under management totals 1.6 billion, up 26.1%
Folkestone’s Managing Director Greg Paramor stated Folkestone delivered a strong FY18 result.
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