25 Apr 2017 17:58
Industrial Multi Property Trust plc (the "Company")
The Company notes the announcement made today by Hansteen Holdings PLC ("Hansteen") that it has increased the price payable in respect of the cash offer for the entire issued ordinary share capital of the Company to 330 pence for each share (the "Increased Offer").
The Increased Offer is a revision to the original offer made by Hansteen (the "Original Offer") and, accordingly, shareholders who have previously validly accepted the Original Offer will be paid an additional amount of 30 pence per share and need take no further action.
The Company notes that the Increased Offer will remain open for acceptance by shareholders (who have not previously accepted the Original Offer) for a minimum of 14 days following the date on which the Increased Offer Document is published.
Hansteen has stated that it intends to vote in favour of the ordinary resolution being put to the Company's shareholders at the general meeting convened for 11 May 2017 to cancel trading in the Company's shares on the Specialist Fund Segment of the London Stock Exchange's Main Market. Accordingly, this ordinary resolution will be passed and it is anticipated that the application to cancel the trading in the shares will be made on or around 11 May 2017. Therefore, unless shareholders wish to retain their holdings in what will become an unlisted investment fund with reduced liquidity and marketability, they should accept the Increased Offer without delay.
The Company also notes that Alpha Real Trust Limited has agreed to withdraw its request dated 11 April 2017 to requisition a further general meeting of the Company.
For further information please contact:
Industrial Multi Property Trust plc
Philip Scales Tel: 01624 681250
Stockdale Securities Limited, Financial Adviser and Broker to the Company
Robert Finlay Tel: 020 7601 6100