Last checked at 31 Oct 2011 08:40
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
FOR IMMEDIATE RELEASE
Picton Property Income Limited ("Picton" or the "Company")
Termination of offer talks
On 19 August 2011 the Company announced a possible offer for Invista Foundation Property Trust Limited ("Invista Foundation") under Rule 2.4 of The City Code on Takeovers and Mergers (the "Code"). Since that time, the Company has been engaged in extensive negotiations with Invista Foundation regarding an offer proposal Picton made to the Invista Foundation board. Picton has now decided to withdraw that offer proposal.
Picton has not been able to agree a proposal with the board of Invista Foundation that the Invista Foundation board was willing to recommend to Invista Foundation shareholders. In view of the inability to secure a recommendation of the proposed merger, and in accordance with Rule 2.8 of the Code, the Board of Picton has decided to withdraw its offer proposal and will not be making an offer for Invista Foundation.
Picton has invested significant time and resources into assessing a potential merger of the two businesses as it continues to believe that the strategic rationale and benefits of a combined group are compelling, a view endorsed by several key Invista Foundation shareholders.
Picton will continue to focus on its strategy, including internalisation and its refinancing initiatives, which the Board of Picton is confident will deliver significant value to Picton shareholders.
Enquiries:
Picton Capital Limited | 020 7628 4800 |
Michael Morris | |
LCF Edmond de Rothschild Securities Limited | 020 7845 5900 |
William Marle | |
John Armstrong-Denby | |
Oriel Securities Limited | 020 7710 7600 |
Mark Young | |
Nicholas How | |
Neil Langford | |
Tavistock Communications | 020 7920 3150 |
Jeremy Carey | |
James Verstringhe |