Last checked at 17 Oct 2011 12:30
17 October 2011
Invista Foundation Property Trust Limited
Offer update
This announcement is not an announcement of a firm intention to make an offer under Rule 2.7 of the City Code on Takeovers and Mergers (the "Code") and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.
On 19 August 2011, Invista Foundation Property Trust Limited (the "Company" or "IFPT") announced that it had received an approach from Picton Property Income Limited ("Picton") with a view to a merger (the "Merger").
Following extensive discussions and a thorough due diligence process undertaken to date by both companies, the advisers to Picton have requested further time to allow Picton to finalise the terms that it might be able to offer IFPT's shareholders. To that end, and in accordance with Rule 2.6(c) of the Code, the Company has requested and the Panel has granted an extension to the deadline by which Picton Property Income Limited must either announce a firm intention to make an offer for the Company including the terms of that offer in accordance with Rule 2.7 of the Code or 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 is now 5.00 p.m. on 31 October 2011.
The board is concurrently in advanced negotiations with Schroder Property Investment Management to take over the role of Investment Manager and, in the meantime, the Company's portfolio continues to be actively managed by the Invista Real Estate Investment Management team.
A further announcement will be made in due course.
For further information, please contact:
Numis Securities Limited Heraclis Economides David Benda Hugh Jonathan
| Tel: 020 7260 1000
|
FTI Consulting Stephanie Highett Richard Sunderland Olivia Goodall
| Tel: 020 7831 3113
|