On 18 May, Hansteen either held, or had received valid acceptances of its increased offer in respect of a total of 7,727,799 IMPT
shares, representing approximately 91.
In light of the above, Hansteen will commence, on or after 23 June 2017, the procedures available to it under section 154 of the Isle of Man Companies Act 1931 to compulsorily acquire those IMPT Shares which it does not already hold or has not already acquired, contracted to acquire or in respect of which it has not already received valid acceptances.
On 17 February 2017, the Hansteen directors and the IMPT Independent directors announced that they had reached agreement on the terms of a recommended all cash offer pursuant to which Hansteen would offer to acquire the entire issued ordinary share capital of IMPT, to be implemented by way of a takeover.
IMPT is an Isle of Man domiciled closed ended investment company that invests in high-yielding UK commercial property.
Under the terms of the offer, IMPT Shareholders will receive 300p in cash for each IMPT share held which values the entire issued ordinary share capital of IMPT at GBP 25,228,560 (USD 31.
The offer provides an attractive opportunity for IMPT Shareholders to realise in cash, at a premium, their investment in IMPT and represents a premium of 22.
In August 2015 IMPT announced initiatives with the objective of improving shareholder value.
Since the IMPT Group's borrowings provided for the payment of certain fees in the event of prepayment in the first three years following drawdown, plans for a refinancing could only be targeted for the fourth quarter of 2016 when such prepayment penalties fell away.
Tenders are invited for Impts to pedda tank of bapirajugudem to talla tank of ayyaparajugudem cascade system repairs to eeranarayudu cheruvu in ayyaparajugudem (v) in lingapalem (m)
Tenders are invited for Impts to cascading system of chalivagu supply channel to ava and gopanna tank for desilting of rayudu tank in korumamidi (v) of nidadavolu (m) in w.