Biggest shareholder at loggerheads over property trust’s proposed sale

Falcon Business Park in Burton - one of those owned by IMPT

The deep diversions between the board of a commercial property trust and its largest shareholder over a proposed takeover have been widened further.

Industrial Multi Property Trust, which has several sites in the Midlands, is the target of a £25.3m takeover by fellow real estate investment trust, Hansteen Holdings.

IMPT issued a stark warning to its shareholders last week that the Hansteen offer should be accepted immediately.

It said: “Unless shareholders who have not yet accepted the offer wish to retain their holdings in what is expected to be an unlisted investment fund with reduced liquidity and marketability, they should consider accepting the offer without delay.”

IMPT’s largest shareholder, Alpha Real Trust, has been opposed to the takeover offer since it was first proposed last month.

It claims the offer seriously undervalues a business which has a portfolio of industrial properties around the UK.

In an update to the markets today, Alpha said its lawyers had written to the board of IMPT in relation to its latest statement.

The update states: “The board of Alpha Real Trust believes that were IMPT to request the London Stock Exchange to cancel admission to trading of IMPT’s shares on the Specialist Fund Segment, this would be a gross dereliction of the company’s responsibilities to all its shareholders.”

It has demanded that the IMPT board provides a public reassurance to the market that it does not intend to “seek a cancellation of admission to trading unless and until it has, as a minimum, obtained the prior approval of shareholders holding at least 75% of IMPT’s shares”.

Alpha said it saw “no possible benefit” to IMPT or its shareholders of cancelling admission to trading on the Specialist Fund Segment of IMPT’s shares when compared with the benefits continued quotation and trading would provide.

Alpha said it held letters from minority shareholders representing at least 26% of IMPT’s shares which were opposed to any delisting.

“Alpha Real Trust and other minority shareholders do not intend to allow the marketable value of their shares to be prejudiced as a result of an unconscionable act on the part of the IMPT board,” it said.

“Alpha Real Trust will hold to account the directors of IMPT in respect of the loss of value suffered by a cancellation of listing, and this may include legal action against the directors and/or the company.”

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