Termination of offer talks

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

 

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