Offer Update - End of Offer Period (1395R)
31 Oktober 2011 - 11:30AM
UK Regulatory
TIDMIFD TIDMPCTN
RNS Number : 1395R
Invista Foundation Property Tst Ltd
31 October 2011
31 October 2011
Invista Foundation Property Trust Limited
("IFPT" or the "Company")
Offer update - end of offer period
The Board of IFPT notes the announcement released today by
Picton Property Income Limited ("Picton") stating that it has
decided not to proceed further with its proposed merger with the
Company.
Since 19 August 2011, when IFPT announced that it had received
an approach from Picton with a view to a merger (the "Merger"), the
Board of IFPT and its advisers have engaged in open and extensive
discussions with Picton and its advisers. In addition, an extremely
thorough due diligence process was undertaken by both companies.
The Board of IFPT can confirm that, at the end of this process, it
concluded that it was not minded to recommend such offer as being
in the best interests of all shareholders taken as a whole at this
time. This position was based on a consideration of, but not
limited to, the potential impact of the Merger on:
-- Dividend cover;
-- Loan to value ratios;
-- Portfolio potential and income quality;
-- Refinancing risks;
-- Merger costs; and
-- Prospects for future marketability.
This view was expressed to Picton and its advisers on 12
October.
However, having regard to the requests of a number of
shareholders, the Board of IFPT continued to cooperate fully with
Picton, urging it and its advisers to announce its proposed terms
openly via the Regulatory News Service of the London Stock Exchange
so that all shareholders would be able to consider Picton's
indicative terms. In the event, as has become clear today, Picton's
Board have made the decision not to proceed further with its
offer.
Andrew Sykes, Chairman of IFPT, commented:
"Throughout this process, we have been driven by our
responsibility to act in the best interests of all our
shareholders. Having taken all factors into consideration, we had
concluded that the indicative terms of the Merger and certain
specific factors such as refinancing risk did not represent
sufficiently compelling terms for us to recommend this Merger to
our shareholders at this time. In this regard, my colleagues on the
IFPT Board and I were disappointed that Picton and its advisers
chose not to announce their indicative terms so that all
shareholders could consider the merits of their indicative
offer.
"The negotiations to appoint Schroder Property Investment
Management ("Schroders") on favourable terms had continued in
parallel throughout this process, and provide the Company with an
attractive and viable option for the future. We now look forward to
working with the Schroders team to benefit from their management
skills and to drive value growth for shareholders."
For further information, please contact:
Numis Securities Limited Tel: 020 7260 1000
Heraclis Economides
David Benda
Hugh Jonathan
FTI Consulting Tel: 020 7831 3113
Stephanie Highett
Richard Sunderland
Olivia Goodall
This information is provided by RNS
The company news service from the London Stock Exchange
END
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