LXi REIT and Secure Income REIT pursue merger

The merger would entail LXi to acquire the entire issued share capital of Secured Income (SIR), with the SIR shareholders entitled to receive 3.32 LXi shares for every SIR share they hold or a partial cash alternative. According to the stock exchange announcement, if the partial cash alternative is fully taken up then following the merger, the LXi shareholders will hold 53% of the combined group and the SIR shareholders will hold 47%. The merger of the two property trusts, £1.4bn LXi and SIR, will lead to "significant cost savings", the groups said, which they estimated at £8.6m a yea...