Hansteen has agreed to up its offer for Industrial Multi Property Trust by 10% to 330p per share. The surprise move (Hansteen had already declared the previous offer unconditional) has been welcomed by Alpha Real Trust, Industrial Multi Property’s largest shareholder.
“Alpha Real Trust Limited (“ART”) and Antler Investment Holdings Limited (“Antler”) are IMPT’s two largest minority shareholders who, together with their nominees, hold 1,596,543 and 641,568 IMPT Shares, respectively, representing approximately 26.61 per cent. in aggregate of the current issued share capital of IMPT (the “ART and Antler Shareholdings”).
Hansteen has received irrevocable undertakings from each of ART and Antler pursuant to which ART and Antler shall sell, or procure the sale, to Hansteen (or its nominee) of the ART and Antler Shareholdings at 330p per IMPT Share in cash (in an on or off market trade) on or before 3 May 2017 (the “ART and Antler Irrevocable Undertakings”) and Hansteen has agreed to make the Increased Offer to all IMPT Shareholders. ART and Antler will therefore no longer be shareholders of IMPT at the time of IMPT’s next general meeting of 11 May 2017 and they have agreed not to vote at such meeting in any event. ART has also agreed to withdraw its request dated 11 April 2017 to requisition a further meeting of the IMPT Shareholders.
When Hansteen acquires the ART and Antler Shareholdings pursuant to the ART and Antler Irrevocable Undertakings, it will own not less than 7,047,387 IMPT Shares, representing approximately 83.80 per cent. of the current issued share capital of IMPT.”
Those shareholders who have previously validly accepted the Original Offer will be paid an additional amount of 30 pence per IMPT Share. They therefore need take no further action.
A general meeting of IMPT has been convened for 11 May 2017 at which an ordinary resolution will be put to the IMPT Shareholders to cancel trading in IMPT Shares on the Specialist Fund Segment of the London Stock Exchange’s Main Market. Hansteen intends to vote in favour of such resolution, and accordingly it will be passed. It is anticipated that the application to cancel the trading in IMPT Shares will be made on or around 11 May 2017. The cancellation of trading would significantly reduce the liquidity and marketability of any IMPT Shares not assented to the Increased Offer.
HSTN / IMPT / ARTL : Hansteen ups offer for Industrial Multi Property