SHAREHOLDERS in property investment group Terrace Hill have overwhelmingly backed plans to raise £170 million through a share placing.

The money will help fund the £95m reverse takeover of London-based Urban&Civic as well as a range of housing projects in England.

It will also mean the Terrace Hill name will disappear, with the enlarged company trading under the name Urban&Civic and moving from AIM to the main London market.

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At a general meeting in London more than 99.8 per cent of voting shareholders backed the plan. Trading in Terrace Hill shares will now stop on AIM at end of trading on May 21.

The agreement will also see Terrace Hill founder Robert Adair move from executive chairman to become non-executive deputy chairman of Urban&Civic.

The oil industry entrepreneur, who holds around 63 per cent of Terrace Hill, also plans to subscribe for £640,000 of the new shares as part of the fundraising.

Urban&Civic, formed in 2009 by property veterans Nigel Hugill and Robin Butler with backing from GI Partners, has large developments at Rugby, Warwickshire, and Alconbury near Cambridge.