29 May 2009 18:00
29 May 2009
THE ADVANTAGE PROPERTY INCOME TRUST LIMITED
("TAP" or "The Company")
PROPOSED OFFER FROM THE CONYGAR INVESTMENT COMPANY PLC
The Board of TAP notes the proposed offer from The Conygar Investment Company PLC ("Conygar"). The Board urges shareholders to take no action pending a formal response from TAP in due course.
For further information, please visit www.tapincome.com or contact:
| Christopher Carter Keall, Valad Asset Management (UK) Ltd | 020 7659 6666 |
| James Maxwell, Singer Capital Markets Ltd | 020 3205 7500 |
| Jeremy Carey / Gemma Bradley Tavistock Communications Ltd | 020 7920 3150 |
| Anson Fund Managers Limited, Secretary | 01481 722260 |
Disclosure in accordance with Rule 2.10 of the City Code
In accordance with Rule 2.10 of the City Code, TAP confirms that it currently has in issue 142,747,300 ordinary shares of 1 pence each. TAP does not hold any shares in treasury. The International Securities Identification Number for the ordinary shares is GB00B05LNH59.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of TAP or Conygar, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of TAP or Conygar, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of TAP or Conygar by the offeror or the offeree company, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.