Mantra Group shareholder vote in favour of $1.2 billion sale to Accor Hotels, to go through next week

SHAREHOLDERS in Gold Coast hotel giant Mantra Group have finally had their chance to vote on the billion-dollar sale of the company to Paris-based Accor Hotels.

Clare Rigby, 21, and Luke Roberts 20, on the pool deck at Soul Mantra Surfers Paradise. Pic Tim Marsden

MANTRA Group shareholders have approved the $1.2 billion sale of the company to Accor Hotels in a near-unanimous vote at a special meeting in Sydney this morning.

More than 95 per cent of shareholder took part in the vote and 99.9 per cent of voting shareholders voted in favour of the sale, which already has approval from the Australian Competition and Consumer Commission, the Foreign Investment Review Board and the Federal Court.

HIGHS AND LOWS OF GOLD COAST’S LISTED COMPANIES

RECORD REVENUE BUT EARNINGS DOWN: MANTRA

GET A NEW TABLET WHEN YOU SUBSCRIBE TO THE GOLD COAST BULLETIN

Mantra CEO, director and major shareholder Bob East has reason to smile today.

A second Federal Court approval on Wednesday is required to finalise the sale, however, it is likely to pass as a formality.

In a statement to the ASX, Mantra said, subject to the approval, the court orders would be lodged with ASIC on Wednesday afternoon, when the sale would take legal effect.

Mantra shares will be suspended from trading that day, with shareholders to receive their $3.96 per share entitlements by May 31.

The deal will see the nation's two largest hotel companies combine with a portfolio of about 300 properties.