Hansteen has extended its offer for Industrial Multi Property Trust (IMPT) until next Wednesday as a growing number of shareholders back the bid.
The company said that as of yesterday it held or had received valid acceptances representing about 44.29% of IMPT’s current issued share capital.
In addition, it has acquired shares in IMPT equivalent to 5.2% of the issued share capital that have yet to settle and received acceptances of its offer unaccompanied by share certificates or other valid cover representing 1.49% of the company’s shares.
Under the terms of the offer, IMPT shareholders will receive 300p in cash for each share held, which values the entire issued ordinary share capital of IMPT at just over £25m.
IMPT owns a £85.5m light industrial portfolio, but the offer price has been set with regard to the company’s high level of gearing.
The offer represents a premium of 5.6% over IMPT’s last reported NAV at 30 June 2016 of 284p per IMPT Share.
20 March 2017