OREANDA-NEWS. Further to the announcement of 1 June 2016, James Stocks & Co, has posted a letter to shareholders of Industrial Multi Property Trust plc ("IMPT" or "the Company"), encouraging them to vote against Resolution 2 at the AGM of IMPT to be held on 29 June 2016.  

James Stocks & Co confirms that it has made a non-binding, conditional cash offer to the Board of IMPT ("the Board") 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). 

James Stocks & Co believes that responsibility for this share price discount rests with the manager of IMPT, Alpha Real Capital LLP ("Alpha") 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.

About James Stocks & Co

Providing advice, insights and access to capital, James Stocks & Co operates in two business divisions namely; international corporate finance and strategic advisory and a principal investment or Merchant Bank division which focusses upon special investment situations. Both businesses are involved across a range of sectors including; leisure, real estate and real estate services, infrastructure, investment funds, financial and professional services and technology/media.