The boards of Hansteen and Industrial Multi-Property Trust (IMPT) have announced that have reached agreement on the terms of a recommended all cash offer for the entire issued ordinary share capital of IMPT by Hansteen. Under the terms of the offer, IMPT shareholders will receive 300p in cash for each IMPT share. This values the entire issued ordinary share capital of IMPT at £25.2m. The offer represents a premium of 22.4% over IMPT’s closing price of 245p on 16 February 2017. IMPT also says that the offer price represents a 35.% premium over the the volume weighted average price of 222.1p per IMPT Share for the three months to 16 February 2017 and a 5.6% premium over IMPT’s last reported NAV at 30 June 2016 of 284p per IMPT Share.
IMPT’s board has given notice to IMPT’s current investment adviser and manager, Alpha, to terminate the investment management agreement. Hansteen has granted an option to IMPT to appoint Hansteen (or one of its affiliates) as IMPT’s new investment adviser and manager, regardless of the outcome of the Offer.
Jonathan Clague, Chairman of IMPT, says that, “The Offer provides all IMPT shareholders with the opportunity of a cash exit at a significant premium to IMPT’s recent share price. Furthermore, the 300p per share Offer Price represents considerable progress from IMPT’s refinancing in 2013 and over five times the share price of 54p in August 2015 just before IMPT announced initiatives aimed at improving shareholder value.”
Update 20 February 2017
Hansteen has, to date, acquired 1,245,832 IMPT Shares at 300 pence per share, representing approximately 14.81 per cent. of the entire issued share capital of IMPT. Hansteen has received irrevocable undertakings to accept the Offer from those IMPT Independent Directors who hold IMPT Shares in respect of a total of 70,400 IMPT Shares. In aggregate, Hansteen has therefore acquired 1,316,232 IMPT Shares, or received irrevocable undertakings to accept the Offer from IMPT Shareholders, in respect of approximately 15.65 per cent. of the share capital of IMPT.
Industrial Multi-Property Trust receives all cash offer from Hansteen at 300p : IMPT, HSTN