FBD Holdings has announced it is to hold an EGM on 22 October where the proposed divestment of its stake in FBD Property & Leisure Ltd (FBDPLL) will be put to a vote among shareholders. FBD Holdings agreed to sell its 50% stake in FBDPLL in early August for a cash consideration of €48.5m to its largest shareholder, Farmer Business Developments.

The deal is subject to shareholder approval before it can be finalised and the EGM scheduled for late October will seek to give effect to the proposal. As an interested party in the proposed transaction, Farmer Business Developments has no say in the vote at the EGM.

The EGM will take place at 11am on 22 October 2015 at the Irish Farm Centre, Old Naas Road, Bluebell, Dublin 12. It is likely the deal will be overwhelmingly approved by shareholders.