Hansteen has extended its offer for the Industrial Multi Property Trust until Wednesday 22 March 2017 as it continues to push its stake in the business past the 50% mark.
On 17 February 2017, the Hansteen Directors and the IMPT Independent Directors announced that they had reached agreement on the terms of a recommended all cash which saw Hansteen offer to acquire the entire issued ordinary share capital of IMPT.
On 22 February 2017, Hansteen published its offer document.
Subsequently it has faced a rebuffal from major stakeholder Alpha Real Trust which believes Hansteen's 300p per share all cash offer substantially undervalues IMPT. Alpha Real Trust holds 18.7% of the share capital of IMPT, and also holds £10.3m of unsecured subordinated debt.
As at 1 pm (London time) on 15 March 2017, the First Closing Date of the offer, Hansteen had received valid acceptances for 2,391,839 IMPT shares, representing approximately 28.44% of the current issued share capital of IMPT. Of these, acceptances have been received in respect of 70,400 IMPT Shares, representing approximately 0.84% of the current issued share capital of IMPT.
In addition, Hansteen has acquired and settled 1,332,867 IMPT Shares, representing approximately 15.85% of the current issued share capital of IMPT.
Hansteen either holds, or has received, valid acceptances of its offer in respect of a total of 3,724,706 IMPT Shares, representing approximately 44.29% of the issued share capital of IMPT.
On 14 March 2017, Hansteen additionally acquired 437,500 IMPT Shares in aggregate, representing approximately 5.20% of the current issued share capital of IMPT. The acquisition of these shares has not yet settled.
Hansteen has also received acceptances of its Offer which have not been accompanied by share certificates or other valid cover but are otherwise valid, in respect of 124,982 IMPT Shares, representing approximately 1.49% of the current issued share capital of IMPT.
Hansteen said that in extending its offer today past the first close there can be no certainty that the offer will be extended beyond the second closing date. It said "should the offer lapse, there is no certainty that an alternative transaction will be pursued by Hansteen. IMPT Shareholders who have not yet accepted the Offer are urged to do so without delay".