twotonetyrone
25 Apr 2017
330p - job done For once I have something positive to say about ART....Further to the earlier announcement by Hansteen, Alpha Real Trust confirms it has entered into an irrevocable undertaking to sell its shares in IMPT to Hansteen at a price of 330p per share in cash on or before 3 May 2017 and Hansteen has agreed to make an increased offer of 330p to all shareholders of IMPT.Alpha Real Trust will therefore no longer be a shareholder of IMPT at the time of IMPT's next general meeting of 11 May 2017 and has agreed to abstain from voting at such meeting in any event. Alpha Real Trust has also agreed to withdraw its request dated 11 April 2017 to requisition a further meeting of the IMPT Shareholders.
theprior
14 Apr 2017
Re: ART showing their true colours Holders may wish to note that on 23 March HSTN declared their offer "unconditional" having achieved 51% acceptances for either their own shareholding or IMPT shareholders. This seems to have provoked some angst from ART who continue to oppose the takeover.I am a holder of HSTN, don't have any holding in IMPT or ART.I offer no opinion on this, just stating the facts.Regards, TP
I R Baboon
04 Apr 2017
Re: ART showing their true colours this is becoming a comedy showthe hypocrisy of ART is nauseating but very poor to see hansteen swilling in the same trough of inflated 10% loans and incurring a repayment fee is negligent am glad to be out of this mess
Darrmont
13 Mar 2017
Re: ART showing their true colours ART are the fund manager and also provided mezzanine finance a few years ago when the company was in difficulty. Many of the shareholders are small investors in this company from 2006 and nursing heavy losses. Clearly ART have an interest in retaining the management fee they currently receive but they have a point about the historic losses in the company and the tax benefits. The sale seems a bit hasty given the recent strong performance (18% NAV increase 2017) and I will be holding my shares as I feel the company is in good shape now and has a long way to go. If I am forced to sell then I will buy more Hansteen shares as they will ultimately benefit.
holland44
10 Mar 2017
Re: ART showing their true colours The Board of ART felt the same way, and today rejected Hansteen's takeover offer of 300p: see [link] IMPT annual results announced on 24 Feb 2017 claimed the company's assets and available tax losses and allowances mean fair value should be 356p, with the company's financial advisor and broker estimating in February 2016 (er, pre-Brexit) a 600p valuation has a 40% chance of success by 2019.I'm not sufficiently familiar with ART and IMPT to understand why it is in the power of ART to reject the takeover offer: ART's last accounts show it owns £2.4 million in shares and a £10.1 million loan to IMPT, which doesn't sound like a majority shareholding. Can anyone explain?
Darrmont
20 Feb 2017
Re: ART showing their true colours This offer from Hansteen while welcome undervalues the company and shareholders should hold on for better things to come, the directors are holding back on an updated NAV for over 6 months during which this type of property has been very strong. I wont sell until I have to.
I R Baboon
18 Feb 2017
beginners luck only held this two weeks - I don't expect there ll be a better offer coming along
twotonetyrone
13 Jan 2017
ART showing their true colours Just had the following correspondence from HL. So ART requested shareholder details based on being investment manager of IMPT, and then passed info to colleagues to help peddle their agenda. Make sure you vote against their EGM proposals next week.TTTYou will have recently received a mailing from Alpha Real Trust (‘ART’
in respect of your holding in the Industrial Multi Property Trust plc (‘IMPT’ held in your Hargreaves Lansdown Vantage Stocks & Shares ISA.ART, which acts as the Investment Manager for the IMPT and holds 18.7% of the IMPT share capital, recently requested that Hargreaves Lansdown disclose to it details (which consisted of shareholders’ names, address and number of shares held) of those Hargreaves Lansdown clients holding shares in IMPT. Hargreaves Lansdown complied with this request on 20 December 2016. As a result of this disclosure request you will have received a letter from ART drawing your attention to the forthcoming Extraordinary General Meeting scheduled for 19 January 2017 that it has requisitioned IMPT to call.Hargreaves Lansdown receives many such shareholder information disclosure requests each day. However, in this instance we would like to make clear to you that this request and the subsequent mailing you have been sent has not originated from the Board of IMPT and that ART, in its capacity as Investment Manager of IMPT, has no authority to request this information. As a result this information should not have been disclosed to ART and we apologise for this error on our part.Please note that in future Hargreaves Lansdown will not respond to any disclosure requests from ART, or any other third party, if the authority for such requests granted by the relevant Company law has not been given to the requesting party by the Board of the Company. Only shareholder information disclosure requests from the Board of the Company in question, or an agent appointed on its behalf, will be met.I hope this clarifies our position on future shareholder information disclosure requests received by Hargreaves Lansdown. I would like to apologise again if this mailing from ART has caused you any confusion or inconvenience.
boycks
23 Dec 2016
Re: Vote to keep Independent directors Surely there will be a majority of independent directors,2 to 1,even if the other 2 are voted off.
buckz
10 Dec 2016
Re: Vote to keep Independent directors I've been in this mess of a company since 2003. After some great growth and dividend payments the last five years at least have been a shambles. That said, there has been a small recovery (I'm still over £20k down though) and refinancing on the horizon. The loss of independent directors would be extremely bad news in my view.You can definitely vote if your funds are held in a nominee account - mine are held by Halifax SDL who have already sent me the voting forms.Get onto yours on Monday and they'll sort it.Essential that the resolution to remove the independents is voted down.
twotonetyrone
07 Dec 2016
Re: Vote to keep Independent directors Totally agree Darmont. This company has been a joke. Blew up by Close Brothers, written down to near zero and bought by Alpha Real, refi in 2013 in favour of Alpha Real who receive 15% coupon on their debt, and managed by Alpha Real who cream off management fees. The commercial property market has performed strongly over last five years, just look at performance of property equities, funds, etc. And yet IMPT has gone no where, no growth in NAV, no dividends.....why.....just ask Alpha Real who're lining their pockets. Now they want to remove two directors prior to, I'm guessing, taking the company private for themselves.I'd imagine majority of shareholders are retail investors who hold via nominee accounts and therefore won't vote. Me likewise. Is there a way to vote if held in nominee account?
Darrmont
07 Dec 2016
Vote to keep Independent directors Shareholders in this company should vote to retain the independent directors before the EGM as Alpha Real capital seem to be going to try to take this company for themselves at a knockdown price. Alpha Real already own a substantial part of the company and would like it all but the independent directors stand as a bulwark in defence of small investors so vote now and protect your investment
farmerdave
15 Jun 2016
Re: Merchant banker ups ante in IMPT propert... Why not offer £2.5 per share and then sack the directors - that way they wouldn't have to ask premission - their offer dosen't include early redemption penalties etc - but if they are serious buy us all outWhat a load of bsFDHolder of the holding co shares
twotonetyrone
14 Jun 2016
Merchant banker ups ante in IMPT property assets bid Activist merchant banker James Stocks & Co has urged shareholders in listed Isle of Man incorporated UK industrial property investor Industrial Multi Property Trust to vote against the payment of fees to the directors of the trust’s manager – Alpha Real Capital - at the AGM on 29 June after its own cash offer for all of the group’s property assets for £82.1m was rebuffed. In an announcement today James Stocks & Co said it has “made a non-binding, conditional cash offer to the Board of IMPT to acquire all of its property assets at a total price of £82.1m which exactly matches the most recent independent valuation published by IMPT and is equivalent to £2.50 per share (before deduction of costs associated with a return of capital)”.The activist investor said the offer has been rejected by the Board, “despite IMPT suffering from a substantial discount to the net asset value”.It added: “This discount reflects the performance of IMPT, the high level of expensive borrowing and the failure to pay any dividend to shareholders since 2008.”In a strongly worded announcement the group continued: “James Stocks & Co believes that responsibility for this share price discount rests with the manager of IMPT, Alpha Real Capital which has benefited over the years from the receipt of management fees from IMPT (approx. 5% of net assets in FY’15) whilst a related party has received the benefit of interest payments from IMPT. The Board of IMPT have consistently failed to address this ‘Alpha Price Discount’ despite the strength of the UK property market over recent years, historically low interest rates, and the generous portfolio offer mentioned above.“For this reason, James Stocks & Co believes that the Board should not receive fees for the financial year ended 31st December 2015. Paying fees represents compensation for a failure to address the ‘Alpha Price Discount’ in particular by failing to make progress with a disposal of the property portfolio and return value to shareholders.“As a result, acting in our capacity as a shareholder of IMPT, James Stocks & Co proposes to focus the Board’s attention on the merits of its cash offer by voting against the payment of fees to the Directors, as set out in Resolution 2, at the forthcoming IMPT AGM. James Stocks & Co urges other shareholders to do the same.”IMPT was formed on the Isle of Man on 10 June 2002 to invest in UK industrial commercial property. It is listed on the London Stock Exchange.James Stocks & Co has been responding to an August 2015 announcement from IMPT which confirmed it was targeting a refinancing of the portfolio in the fourth quarter of 2016 when certain of the loan facilities (which continue to December 2018) can be repaid without penalty.If a refinancing is not possible the Board is "proposing to review alternative ways to improve shareholder value".At the end of May of this year the Board of IMPT rebuffed James Stocks Co's proposal for its property assets.It wrote: "The proposal undervalued the company’s assets significantly and therefore [it] has rejected it. The proposal was subject to several conditions, including the granting of a 60 day exclusivity period and due diligence."The price indicated in the Proposal was at a previous portfolio valuation (as published in the Company’s 2015 Annual Report and Consolidated Financial Statements) which was lower than the current published portfolio valuation. Furthermore, the Proposal did not consider loan facility repayment penalties or other costs of winding-up and hence shareholders would have received an amount which was at a substantial discount to the Company’s current Net Asset Value (“NAV” per share."The Board unanimously believes that the active management initiatives are being reflected in the growing portfolio value and, together with an improving secondary commercial property market, further value improvements are expected."It has no stake in the listed company IMP
LittleNed
02 Jun 2016
Bid Well my prediction did come true ! With such a big discount to NAV this is still attractive for a short term punt
