Hansteen secures 15.65% of IMPT in takeover battle

Hansteen Holdings has acquired 14.81% of the shares in Industrial Multi Property Trust (IMPT) following its 300p takeover bid for the company last Friday.

Hansteen has also received irrevocable undertakings to accept the £25m offer from those IMPT independent directors who hold IMPT shares, which equates to a further 70,400 IMPT shares, equivalent to 0.84% of the shares. In aggregate, Hansteen has therefore acquired 1,316,232 IMPT Shares, or received irrevocable undertakings to accept the offer from IMPT shareholders, of 15.65% of the group.

Yesterday, Industrial Multi Property Trust (IMPT) shareholder, Alpha Real Trust, said Hansteen’s £25mm bid “substantially undervalues” the business.

Alpha Real Trust holds 18.7% of the shares in the group, and also holds £10.3m of unsecured subordinated debt. It claimed the offer fails to reflect the significant stamp duty land tax saving (which Alpha estimates at up to £2m) and portfolio premium benefits that were advised to IMPT by JLL in December 2016.

Alpha also noted the offer is based on a valuation of the group’s assets that has not been updated since 30 September last year.

Last month, IMPT shareholders rejected proposals put forward by Alpha, which is the company’s largest shareholder, to remove two independent directors: the chairman Jonathan Clague and Donald Lake.

Hansteen will update the market on any further shares bought by midday today.

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