Termination of offer talks (1328R)
2011年10月31日 - 5:40PM
RNSを含む英国規制内ニュース (英語)
TIDMPCTN TIDMIFD
RNS Number : 1328R
Picton Property Income Limited
31 October 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
FOR IMMEDIATE RELEASE
Picton Property Income Limited ("Picton" or the "Company")
Termination of offer talks
On 19 August 2011 the Company announced a possible offer for
Invista Foundation Property Trust Limited ("Invista Foundation")
under Rule 2.4 of The City Code on Takeovers and Mergers (the
"Code"). Since that time, the Company has been engaged in extensive
negotiations with Invista Foundation regarding an offer proposal
Picton made to the Invista Foundation board. Picton has now decided
to withdraw that offer proposal.
Picton has not been able to agree a proposal with the board of
Invista Foundation that the Invista Foundation board was willing to
recommend to Invista Foundation shareholders. In view of the
inability to secure a recommendation of the proposed merger, and in
accordance with Rule 2.8 of the Code, the Board of Picton has
decided to withdraw its offer proposal and will not be making an
offer for Invista Foundation.
Picton has invested significant time and resources into
assessing a potential merger of the two businesses as it continues
to believe that the strategic rationale and benefits of a combined
group are compelling, a view endorsed by several key Invista
Foundation shareholders.
Picton will continue to focus on its strategy, including
internalisation and its refinancing initiatives, which the Board of
Picton is confident will deliver significant value to Picton
shareholders.
Enquiries:
Picton Capital Limited 020 7628 4800
Michael Morris
LCF Edmond de Rothschild Securities
Limited 020 7845 5900
William Marle
John Armstrong-Denby
Oriel Securities Limited 020 7710 7600
Mark Young
Nicholas How
Neil Langford
Tavistock Communications 020 7920 3150
Jeremy Carey
James Verstringhe
This information is provided by RNS
The company news service from the London Stock Exchange
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