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ARTL Alpha Real Trust Limited

122.50
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Alpha Real Trust Limited LSE:ARTL London Ordinary Share GB00B13VDP26 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 122.50 115.00 130.00 122.50 122.50 122.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 6.65M 631k 0.0107 114.49 72.17M

Alpha Real Trust Limited Offer for Industrial Multi Property Trust (2450X)

20/02/2017 7:00am

UK Regulatory


Alpha Real (LSE:ARTL)
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TIDMARTL TIDMIMPT TIDMHSTN

RNS Number : 2450X

Alpha Real Trust Limited

20 February 2017

20 February 2017

ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST" OR THE "COMPANY")

Alpha Real Trust notes the announcement by Hansteen Holdings PLC ("Hansteen") on 17 February 2017 of an all cash offer for the entire issued ordinary share capital of Industrial Multi Property Trust PLC ("IMPT") by Hansteen at 300 pence per share (the "Offer").

Alpha Real Trust holds 18.7% of the share capital of IMPT, and also holds GBP10.3 million of unsecured subordinated debt (value as of 30 September 2016).

The directors of Alpha Real Trust wish to inform shareholders that they have not been consulted regarding the Offer and believe it substantially undervalues IMPT.

Alpha Real Trust notes that IMPT has not provided shareholders with an updated NAV since 30 September 2016 and believe that industrial property values may have risen significantly over this period.

The offer fails to reflect the significant stamp duty land tax saving (estimated at up to GBP2 million by Jones Lang LaSalle Limited ("JLL")) and portfolio premium benefits that were advised to IMPT by JLL in their letter of December 2016.

The Board of IMPT has a duty to maximise value for shareholders and the directors of Alpha Real Trust believe the Offer fails to achieve this.

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

SPCEAKANFSXXEFF

(END) Dow Jones Newswires

February 20, 2017 02:00 ET (07:00 GMT)

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