GCP Student Living on press speculation – GCP Student Living released the following announcement on Friday:
“Further to the recent press speculation, the Board of GCP Student confirms that it has received a series of non-binding proposals for the entire issued and to be issued share capital of the Company, other than the shares held by funds managed by APG Asset Management N.V. (“APG”), from a consortium of Scape Living plc and iQSA Holdco Limited (the “Consortium”), to be funded by their respective primary shareholders, being funds managed by APG and funds advised by The Blackstone Group International Partners LLP. APG has confirmed to the Company that it holds approximately 11.1 per cent. of the Company’s issued share capital.
The Company remains in discussions with the Consortium. However, following discussions with the Company’s independent valuer, the Board is anticipating a material increase in its property valuation for the period to 30 June 2021.
As required by Rule 2.6(a) of the Code, the Consortium will be required, by not later than 5.00 p.m. on 30 July 2021, either to announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline may be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
This statement is being made by GCP Student without the consent of the Consortium.
There can be no certainty that any offer will be made, nor as to the terms of any such offer. A further announcement will be made as and when appropriate.”
[The shares are up 9.3% at 185p today and, unsurprisingly, Empiric Student Property’s shares are also higher – up 3.7% at 90.2p – but they trade on a sizeable discount to their end December NAV of 105p, while GCP Student Living is now reckoned to be on more than a 3% premium to their end March NAV of 179.1p]
DIGS : GCP Student Living on press speculation