Alpha Real Trust Limited IMPT plc Resolution re Fiduciary Duties (1264C)
11 April 2017 - 4:00PM
UK Regulatory
TIDMARTL TIDMIMPT TIDMHSTN
RNS Number : 1264C
Alpha Real Trust Limited
11 April 2017
11 April 2017
ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST")
Industrial Multi Property Trust plc resolution re fiduciary
duties
The Board of Alpha Real Trust notes the announcement on 10 April
2017 by Industrial Multi Property Trust plc ("IMPT") regarding an
Extraordinary General Meeting ("EGM") of IMPT. In addition to the
three resolutions proposed by Alpha Real Trust on 21 March 2017,
IMPT have proposed a further resolution asking for approval of the
decision of the Board to cancel trading of IMPT shares on the
Specialist Fund Segment of the London Stock Exchange's Main
Market.
The Board of Alpha Real Trust is disappointed that IMPT has
proposed an Ordinary Resolution (thus requiring only a simple
majority of shareholders to approve such a resolution) for the
delisting resolution given that Hansteen Holdings plc has a
shareholding of over 51%. Alpha Real Trust believes that approval
of shareholders holding at least 75% of IMPT's shares should be
required, which is the voting threshold that companies with a
premium listing on the Official List and the AIM market are
required to achieve to effect a delisting.
As announced on 27 March 2017, Alpha Real Trust sees no possible
benefit to IMPT or its shareholders of effecting a cancellation of
admission to trading of IMPT's shares that could conceivably
outweigh the benefits from the continued quotation and liquidity of
the company's shares which admission to trading provides.
The Board of Alpha Real Trust accordingly announces that is has
requested an additional resolution of IMPT:
1. "The non-Hansteen shareholders object to any delisting of the
company on the basis that it is a breach of the fiduciary duties to
minority shareholders owed by the IMPT directors including the
Hansteen appointed directors, Derek Heathwood and Sarah
Lindsay."
The Board of Alpha Real Trust believes that the offer for IMPT
by Hansteen continues to grossly undervalue IMPT.
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
Further information on the Company can be found on the Company's
website: www.alpharealtrustlimited.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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