31st May 2016 15:59
LONDON (Alliance News) - Industrial Multi Property Trust PLC Tuesday said it has received an unsolicited proposal from a third party to buy its entire property portfolio through a sale and purchase agreement.
The trust said it rejected the offer as it considered that the proposal undervalued its assets significantly.
The price indicated in the proposal was at a previous portfolio valuation, as published in its 2015 annual report, and is lower than its current published portfolio. Additionally, it did not consider loan facility penalties or other costs of winding up, the trust said, which would have resulted in shareholders getting an amount at a substantial discount to its current net asset value.
Shares in Industrial Multi Property Trust last closed at 154.0 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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