Acquisition

RNS Number : 7192K

ING UK Real Estate Income Trust Ltd

23 April 2010

 



ING UK Real Estate Income Trust Limited

Acquisition of shares

23 April 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR TO US PERSONS (AS SUCH TERM IS DEFINED UNDER REGULATION S OF THE US SECURITIES ACT OF 1933, AS AMENDED) OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

ING UK Real Estate Income Trust Limited

Acquisition of shares in Rugby Estates Investment Trust plc

The Board of ING UK Real Estate Income Trust Limited ("ING UK RET") is pleased to announce that it has today acquired 4,782,065 ordinary shares of 1p each ("Shares") in Rugby Estates Investment Trust plc ("Rugby REIT") at a price of 63p per share.  The Shares acquired represent 8.1 per cent of Rugby REIT's issued share capital.

As referred to in the offer document dated 21 April 2010 relating to the recommended offer for Rugby REIT by IRET Securities Limited ("IRET Securities"), a wholly owned subsidiary of ING UK RET which was posted to Rugby REIT shareholders and (for information only) to ING UK RET shareholders yesterday, IRET Securities has received irrevocable undertakings to accept the Offer from Rugby REIT shareholders in respect of a total of 26,195,454 Rugby REIT shares, representing approximately 44.4 per cent of Rugby REIT's existing issued share capital. 

Today's purchase of Rugby REIT Shares means that IRET Securities, together with persons acting in concert with it, is interested in relevant securities in Rugby REIT which, when taken together with relevant securities in Rugby REIT which are the subject of irrevocable undertakings, represent 52.6 per cent of Rugby REIT's issued share capital. 

For further information:

ING Real Estate Investment Management                                                        Tel: [phone]

(Investment Manager)                

Michael Morris                                                                                                              

Helen Stott   

ING Corporate Finance                                                                                    Tel: [phone]

(Joint Financial Adviser to ING UK RET)

William Marle                                                                                                               

John Denby                                                      

J.P. Morgan Cazenove                                                                                    Tel: [phone]

(Joint Financial Adviser and Broker to ING UK RET)

William Simmonds

Northern Trust                                                                                                  Tel: [phone]

(Company Secretary)

David Sauvarin

Financial Dynamics                                                                                         Tel: [phone]

(Financial PR)                                                                                                    / 020 7269 7261

Dido Laurimore

Laurence Jones

DEALING DISCLOSURE REQUIREMENTS

Under Rule 8.3(a) of the Takeover Code, any person who is interested in 1% or more of any class of relevant securities of Rugby REIT, ING UK RET or IRET Securities must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Rugby REIT; (ii) ING UK RET; and (iii) IRET Securities. An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of Rugby REIT, ING UK RET or IRET Securities prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Takeover Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of Rugby REIT, ING UK RET or IRET Securities must make a Dealing Disclosure if the person deals in any relevant securities of Rugby REIT, ING UK RET or IRET Securities. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) Rugby REIT; (ii) ING UK RET; and (iii) IRET Securities, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of Rugby REIT, ING UK RET or IRET Securities they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by Rugby REIT, ING UK RET and IRET Securities and Dealing Disclosures must also be made by Rugby REIT, ING UK RET, IRET Securities and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of Rugby REIT, ING UK RET and IRET Securities in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when ING UK RET or IRET Securities was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on [phone].

 

END

 

 

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