7th Aug 2009 17:13
7 August 2009
THE ADVANTAGE PROPERTY INCOME TRUST LIMITED
("TAP" or "the Company")
RESPONSE TO OFFER FROM THE CONYGAR INVESTMENT COMPANY PLC
The Board of TAP notes the offer from The Conygar Investment Company PLC ("Conygar") announced today. The Board of TAP wishes to make clear that it continues to believe that the level and terms of the offer undervalue the Company.
Since Conygar announced a conditional proposed offer for the Company on 29 May, the Board and its advisers have continued to pursue a number of alternatives for the Company, which would better reflect the value of the Company's assets.
The Board urges all shareholders to take no action in respect of the offer from Conygar and will communicate further with shareholders in due course.
For further information, please visit www.tapincome.com or contact:
|
Christopher Carter Keall, Valad Asset Management (UK) Ltd |
020 7659 6666 |
|
Jeff Keating Singer Capital Markets Ltd |
020 3205 7500 |
|
Simon Hudson/Gemma Bradley Tavistock Communications Ltd |
020 7920 3150 |
|
Anson Fund Managers Limited, Secretary |
01481 722260 |
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of TAP or Conygar, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of TAP or Conygar, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of TAP or Conygar by the offeror or the offeree company, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.
"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.
Related Shares:
TAP.LConygar Inv