OREANDA-NEWS. James Stocks & Co notes the announcement today by Industrial Multi Property Trust plc ("IMPT" or "the Company"), detailing a letter posted today to its shareholders by the Board of IMPT ("the Board"). 

As made clear in our letter to shareholders posted on 14 June 2016, James Stocks & Co   made a non-binding, conditional cash offer to the Board to acquire all of its property assets at a generous price of ?82.1m which exactly matches the most recent independent valuation published by IMPT. As James Stocks & Co has made clear on multiple occasions, this is not an offer for the shares of IMPT, and it does not believe this could be misinterpreted. 

James Stocks & Co notes that in the Board's letter to IMPT shareholders, it refers to "costs and expenses in winding up the Company" of ?4.4m or over 50p a share. We urge the Board to clarify these costs to shareholders and the assumptions behind them. The Board of IMPT should disclose a schedule of what constitutes these costs and expenses, when these costs and expenses come due and what action the Board of IMPT can take to reduce them. In particular it would be illuminating to know how much of these costs and expenses are due to Alpha Real Capital, manager of the trust, and its related parties. 

James Stocks & Co believes that there may be a misalignment between the interests of Alpha Real Capital and related parties, and the interests of non-related shareholders in IMPT. As a result James Stocks & Co has written to the chairman of IMPT asking whether it is appropriate that Alpha Real Estate Trust Ltd and Antler Investment Holdings Ltd, as related parties to Alpha Real Capital, should vote on Resolution 2 or whether they should abstain from voting. 

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.