Shares in Robbie Rayne’s London Merchant Securities were wiped off the London Stock Exchange this morning following the completion of its takeover by Derwent Valley

The new entity, which has a £2.25bn property portfolio, begun share dealings today under the name of Derwent London. LMS directors Nicholas Friedlos, June de Moller and Donald Newell have been appointed as directors of Derwent London, with Rayne assuming the role of chairman of the board of directors.

Derwent Valley has given LMS shareholders 10 of its shares for every 67 LMS shares. LMS Shareholders elected to receive a combination of around £32.5m of loan notes and £12.2m cash under the terms of the deal. The balance of the consideration was satisfied by the issue of 46,910,232 Derwent London shares.