Property investment company 360 Capital Group (ASX:TGP) has proposed a capital reallocation to rebalance capital between the trust and the company.
This comes after the sale of the majority of the group’s fund management business in January this year.
The investor said the group requires the capital restructure in order for the trust to be provided with the necessary capital to carry out its strategy of making real estate debt and equity investments.
Security holders were informed of the reconstruction at the group’s recent AGM, with more than 96 per cent voting in favour to proceed.
The payment of a special dividend of 21 cents announced on 30 October 2017 will no longer proceed as a result.
Shares in 360 Capital Group (ASX:TGP) are trading flat at $1.02.