Alpha Real Trust Limited Offer for Industrial Multi Property Trust (2450X)
20 February 2017 - 6:00PM
UK Regulatory
TIDMARTL TIDMIMPT TIDMHSTN
RNS Number : 2450X
Alpha Real Trust Limited
20 February 2017
20 February 2017
ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST" OR THE
"COMPANY")
Alpha Real Trust notes the announcement by Hansteen Holdings PLC
("Hansteen") on 17 February 2017 of an all cash offer for the
entire issued ordinary share capital of Industrial Multi Property
Trust PLC ("IMPT") by Hansteen at 300 pence per share (the
"Offer").
Alpha Real Trust holds 18.7% of the share capital of IMPT, and
also holds GBP10.3 million of unsecured subordinated debt (value as
of 30 September 2016).
The directors of Alpha Real Trust wish to inform shareholders
that they have not been consulted regarding the Offer and believe
it substantially undervalues IMPT.
Alpha Real Trust notes that IMPT has not provided shareholders
with an updated NAV since 30 September 2016 and believe that
industrial property values may have risen significantly over this
period.
The offer fails to reflect the significant stamp duty land tax
saving (estimated at up to GBP2 million by Jones Lang LaSalle
Limited ("JLL")) and portfolio premium benefits that were advised
to IMPT by JLL in their letter of December 2016.
The Board of IMPT has a duty to maximise value for shareholders
and the directors of Alpha Real Trust believe the Offer fails to
achieve this.
For further information please contact:
Alpha Real Trust Limited
David Jeffreys, Chairman, Alpha Real Trust +44 (0) 1481 231 100
Brad Bauman, Joint Fund Manager, Alpha Real Trust +44 (0) 20 7391 4700
Panmure Gordon, Broker to the Company
Richard Gray / Andrew Potts +44 (0) 20 7886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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