LondonMetric Property Plc (LSE : LMP) completed the acquisition of CT Property Trust Limited from CTPT Directors; Davina Walter, David RossMark Carpenter and Alexa Henderson, TR Property Investment Trust plc, Ravenscroft Limited and other shareholders.
LondonMetric has received irrevocable undertakings from the CTPT Directors, TR Property Investment Trust plc and Ravenscroft Limited in respect of, in aggregate, 26,496,020 CTPT shares representing approximately 11.4% of CTPT's issued share capital. The CTPT Directors unanimously recommended the acquisition to CTPT shareholders. The acquisition will be conditional upon the scheme becoming unconditional and becoming effective. The transaction is subject to CTPT shareholders? approval at general and court meeting, the sanction of the scheme by the court, will also be subject to the applicable requirements of the companies Law of Guernsey, the court (as a result of CTPT being incorporated in Guernsey), the GFSC, the FCA, the London Stock Exchange and the Takeover Code. It is expected that the scheme will become effective by early July 2023. The acquisition is expected to be earnings accretive for the combined group through economies of scale and cost efficiencies with rental reversion and portfolio initiatives expected to deliver further benefits which are expected to lead to dividend progression.
Capel Irwin, Carl Gough, Michael Nicholson, Henry Nicholls and Edward Lowe of Peel Hunt LLP. Ashish Agrawal, Jonty Edwards and Dipayan Chakraborty of J.P. Morgan Cazenove and Bronson Albery, Tom Macdonald and Callum West of Barclays Bank PLC acted as financial adviser to LondonMetric. Sapna Shah, Tom Scrivens, Atholl Tweedie and Ashwin Kholi of Panmure Gordon provided independent financial advice to the CTPT Directors. Douglas Armstrong of Dickson Minto Advisers acted as financial advisor to CTPT. Gordon Anton of CMS Cameron McKenna Nabarro Olswang LLP is retained as UK legal adviser to LondonMetric. Dickson Minto is retained as UK legal adviser to CTPT. Computershare Investor Services acted as registrar to CTPT. Carey Olsen Jersey LLP acted as legal advisor to LondonMetric Property Plc.
LondonMetric Property Plc (LSE : LMP) completed the acquisition of CT Property Trust Limited (LSE:CTPT) from CTPT Directors; Davina Walter, David RossMark Carpenter and Alexa Henderson, TR Property Investment Trust plc, Ravenscroft Limited and other shareholders on August 7, 2023.