Industrial Multi Property Trust PLC Statement re offer from Hansteen Holdings plc (2126Z)
13 March 2017 - 6:00PM
UK Regulatory
TIDMIMPT TIDMARTL TIDMHSTN
RNS Number : 2126Z
Industrial Multi Property Trust PLC
13 March 2017
Industrial Multi Property Trust plc (the "Company")
The Independent Directors of the Company note the announcement
from Alpha Real Trust Limited ("ART") on 9 March 2017 concerning
the Company's results announcement for the year ended 31 December
2016 and the offer of 300p per ordinary share for the entire issued
ordinary share capital of the Company (the "Offer") by Hansteen
Holdings plc ("Hansteen").
The Independent Directors refer shareholders to the offer
document published on 20 February 2017 (the "Offer Document") which
contains details on the Offer and also the recommendation from the
Independent Directors to accept the Offer from Hansteen.
As stated in the Offer Document, the Independent Directors note
that the offer price of 300p per ordinary share from Hansteen
represents a premium of 22.4% over the closing price of 245p per
ordinary share on 16 February 2017 (being the latest practicable
date prior to the Offer being announced). The offer price also
represents a small premium over the unadjusted NAV per ordinary
share of 298.5p at 31 December 2016. The Independent Directors note
that the adjusted NAV per ordinary share figure of 307.4p that ART
refers to in its announcement is presented in the Company's Annual
Report and Consolidated Financial Statements to provide what the
Company believes is a more relevant assessment of the its net asset
position over the longer term, but is less appropriate in the
circumstances of the value of the Company being potentially
realised now under the Offer.
The Independent Directors also note that the 300p per ordinary
share offer price also represents considerable progress from the
Company's refinancing in 2013 and over five times the share price
of 54p in August 2015 just before the Company announced initiatives
aimed at delivering shareholder value. The Board has publicly
announced a number of times that in the absence of reaching a
sensible refinancing proposal, a process which was opposed by ART
including its defeated attempt to remove two of the Board's
directors, it would seek to deliver value for shareholders. This
was also accompanied by the publicity surrounding the EGMs
requisitioned by ART. Given the announcements and the publicity,
the Board unsurprisingly received several approaches in various
forms and at different stages of development in relation to the
Company and its assets. In addition, an alternative option open to
the Board was to realise the portfolio in the open market. This
would have taken some time and would have entailed considerable
expense in achieving. Having considered all the options it was
clear that the proposal by Hansteen was superior and would not
require the Company to meet the costs of realising the portfolio.
The Independent Directors were therefore pleased to able to
recommend Hansteen's Offer, which now gives shareholders a good
opportunity to realise their shares for cash at a significant
premium to the share price prior to the announcement of the
Offer.
For further information please contact:
Industrial Multi Property Trust plc
Philip Scales Tel: 01624 681250
Stockdale Securities Limited, Financial Adviser and Broker to
the Company
Robert Finlay Tel: 020 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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