8th Nov 2021 10:29
(Alliance News) - Land Securities Group PLC on Monday said one of the supporters of its offer to buy fellow UK property developer U&I Group PLC has sold all of its shares.
LandSec said Aberforth Partners LLP, which had accepted the offer with respect to 17.6 million U&I shares, has now sold all 23.7 million shares that it owns and can no longer vote for the shares.
The 23.7 million shares represent just under a 19% stake in U&I.
On Monday last week, LandSec had revealed a GBP190 million deal to buy U&I, offering 149 pence per share. U&I shares were up 0.1% at 148.10p early Monday.
U&I is a London-based mixed-use space regeneration and property specialist.
The LandSec offer was unanimously endorsed by U&I directors.
In addition to Aberforth, LandSec said at the time that it had received support from JO Hambro Capital Management Ltd, Jupiter Asset Management Ltd and Ennismore Fund Management Ltd. It had said that these institutions, together with Aberforth, held about 39.8 million U+I shares, representing about a 32% stake.
Taking away 17.6 million Aberforth shares leaves a commitment of 22.2 million shares, about a 17% stake.
LandSec stock was down 1.5% at 697.20p a share early Monday, while the wider FTSE 100 index was marginally lower.
By Tom Waite; [email protected]
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