Alpha Real Trust Limited Proposed Delisting of IMPT (5372A)
March 27 2017 - 2:00AM
UK Regulatory
TIDMARTL TIDMIMPT
RNS Number : 5372A
Alpha Real Trust Limited
27 March 2017
27 March 2017
ALPHA REAL TRUST LIMITED ("ALPHA REAL TRUST")
The Board of Alpha Real Trust notes the announcement on 23 March
2017 by Industrial Multi Property Trust plc ("IMPT").
Included within that announcement, IMPT asserted that "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." (source: IMPT announcement 23
March 2017, RNS no: 3266A)
Alpha Real Trust's lawyers have written to the board of IMPT in
relation to this matter. 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.
We request that the board of IMPT provides 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 Real Trust sees no possible benefit to IMPT or its
shareholders of effecting a cancellation of admission to trading on
the Specialist Fund Segment of IMPT's shares, that could
conceivably outweigh the benefits from the continued quotation and
liquidity of the company's shares which admission to trading
provides.
Alpha Real Trust holds letters from minority shareholders
representing at least 26% of IMPT's shares which confirms those
shareholders are expressly opposed to a delisting proposal on the
part of IMPT.
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.
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.
For further information please contact:
Alpha Real Trust Limited
David Jeffreys, Chairman, Alpha Real Trust +44 (0) 1481 231 100
Brad Bauman, Joint Fund Manager, Alpha Real Trust +44 (0) 20 7391 4700
Panmure Gordon, Broker to Alpha Real Trust
Richard Gray / Andrew Potts +44 (0) 20 7886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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