Update to shareholders of IMPT plc

23 June 2016

James Stocks & Co

Update to shareholders of Industrial Multi Property Trust plc

James Stocks & Co notes the announcement today by Industrial Multi Property Trust plc ("IMPT" or "the Company"), detailing a letter posted today to its shareholders by the Board of IMPT ("the Board").

As made clear in our letter to shareholders posted on 14 June 2016, James Stocks & Co   made a non-binding, conditional cash offer to the Board to acquire all of its property assets at a generous price of £82.1m which exactly matches the most recent independent valuation published by IMPT. As James Stocks & Co has made clear on multiple occasions, this is not an offer for the shares of IMPT, and it does not believe this could be misinterpreted.

James Stocks & Co notes that in the Board's letter to IMPT shareholders, it refers to "costs and expenses in winding up the Company" of £4.4m or over 50p a share. We urge the Board to clarify these costs to shareholders and the assumptions behind them. The Board of IMPT should disclose a schedule of what constitutes these costs and expenses, when these costs and expenses come due and what action the Board of IMPT can take to reduce them. In particular it would be illuminating to know how much of these costs and expenses are due to Alpha Real Capital, manager of the trust, and its related parties.

James Stocks & Co believes that there may be a misalignment between the interests of Alpha Real Capital and related parties, and the interests of non-related shareholders in IMPT. As a result James Stocks & Co has written to the chairman of IMPT asking whether it is appropriate that Alpha Real Estate Trust Ltd and Antler Investment Holdings Ltd, as related parties to Alpha Real Capital, should vote on Resolution 2 or whether they should abstain from voting.

Rather than spend time and shareholder money resisting the generous offer for IMPT's property assets why hasn't the Board engaged with James Stocks & Co? Why hasn't the Board provided due diligence materials? How is this failure to act in the best interests of the non-Alpha and non-Alpha related shareholders?

The full shareholder letter sent by James Stocks & Co last week, the letter to the Chairman of IMPT, details of how to vote against Resolution 2 and supporting documents can be found here: www.jamesstocks.com 

Newgate Communications

Jason Nisse

0207 680 6550

jason.nisse@newgatecomms.com

James Stocks & Co
Tim Stocks
0203 815 3290
info@jamesstocks.com

About James Stocks & Co

Providing advice, insights and access to capital, James Stocks & Co operates in two business divisions namely; international corporate finance and strategic advisory and a principal investment or Merchant Bank division which focusses upon special investment situations. Both businesses are involved across a range of sectors including; leisure, real estate and real estate services, infrastructure, investment funds, financial and professional services and technology/media.

Today the business operates internationally with offices in London and Gibraltar.

Further information on the company is available on http://www.jamesstocks.com