Shareholder says Hansteen offer ‘undervalues’ IMPT

Industrial Multi Property Trust (IMPT) shareholder, Alpha Real Trust, has said a cash offer by Hansteen of 300 pence per share for IMPT ‘substantially undervalues’ the business.

Alpha Real Trust holds 18.7% of the share capital of IMPT, and also holds £10.3m of unsecured subordinated debt. Its directors say that they have not been consulted regarding the offer and that it does not represent maximum value for shareholders. 

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.

Alpha Real Trust notes that IMPT has not provided shareholders with an updated NAV since 30 September 2016 and believe that industrial property values may have risen significantly over this period.

It says the Hansteen offer fails to reflect the significant stamp duty land tax saving (estimated at up to £2m) and portfolio premium benefits that were advised to IMPT by JLL in December 2016.

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