The board of Alpha Real Trust, in its latest announcement, reiterated that Hansteen Holdings Plc's offer to buy Industrial Multi Property Trust Plc at 300 pence per ordinary share "grossly undervalues" IMPT.
Alpha Real Trust is IMPT's largest shareholder and previously called for an extraordinary general meeting of IMPT to propose resolutions that include barring the company or its subsidiaries from entering into any transaction with Hansteen without approval of non-Hansteen shareholders.
To support its claim, Alpha Real Trust noted IMPT's April 4 announcement, which highlighted Cushman & Wakefield's revaluation of the company's portfolio as of March 31, showing that the value of IMPT's property holdings rose by as much as £1.3 million to £86.2 million, which translates to an increase of 15.5 pence on a per-share basis.
The shareholder said IMPT's adjusted NAV of 307.4 pence per ordinary share as of 2016-end, plus potential stamp duty land tax savings, available UK tax losses and capital allowances equivalent to 48.8 pence per ordinary share, equates to 371.7 pence per ordinary share, which is well above the offer of 300 pence apiece.
Although Alpha Real Trust acknowledged that the revaluation was only three months after the 2016 valuation, it said the revised value "indicates a strengthening in the value of the IMPT property portfolio."