Hansteen Holdings PLC’s £25 million acquisition of the entire issued share capital of Industrial Multi Property Trust PLC


Jones Day is advising Hansteen Holdings PLC inn its £25 million acquisition of the entire issued share capital of Industrial Multi Property Trust PLC (“IMPT”) at 300 pence per share which was unanimously recommended by the IMPT Independent Directors.

Following the release of the Firm Offer Announcement, Hansteen has, to date, acquired 1,245,832 IMPT Shares at 300 pence per share, representing approximately 14.81 per cent. of the entire issued share capital of IMPT on 17 February (being the latest practicable date prior to this announcement) (the “Share Purchases”). Of these shares and as set out in the Form 8 Dealing Disclosure released by Hansteen this morning, 653,924 IMPT Shares were acquired on 17 February 2017. An additional 591,908 IMPT Shares have been acquired by Hansteen thus far today.

Hansteen confirms that it will release a further Form 8 Dealing Disclosure with respect to those Share Purchases made during the course of today setting out the details required to be disclosed under Rule 8.1(b) of the Code, by no later than 12:00pm (London time) on 21 February 2017.

As set out in the Firm Offer Announcement, Hansteen has received irrevocable undertakings to accept the Offer from those IMPT Independent Directors who hold IMPT Shares in respect of a total of 70,400 IMPT Shares. These irrevocable undertakings represent approximately 0.84 per cent. of the issued share capital of IMPT as at 17 February 2017 (being the latest practicable date prior this announcement).

In aggregate, Hansteen has therefore acquired 1,316,232 IMPT Shares, or received irrevocable undertakings to accept the Offer from IMPT Shareholders, in respect of approximately 15.65 per cent. of the share capital of IMPT in issue as at 17 February 2017 (being the latest practicable date prior this announcement).

Jones Day is advising Hansteen Holdings with a team led by Anna Cartwright (picture), Vica Irani and William McDonald.

Involved fees earner: Anna Cartwright – Jones Day; Vica Irani – Jones Day; William McDonald – Jones Day;

Law Firms: Jones Day;

Clients: Hansteen Holdings PLC;