LondonMetric Property completes takeover of Highcroft Investments
Highcroft Investments PLC on Wednesday said its takeover by London-based REIT LondonMetric Property PLC has now become effective.
Shares in the Oxford, England-based real estate investment trust will cease trading on the International Stock Exchange on Thursday morning.
The two firms agreed the terms of the all-share deal at the end of March, under which Highcroft shareholders would be entitled to 4.65 new LondonMetric shares for each Highcroft share owned.
The deal valued each Highcroft share at 842.1 pence, and valued Highcroft’s entire share capital at around £43.8 million.
Benefits for holders agreed on by both boards had included: the opportunity for Highcroft holders to ‘crystallise a significant premium’ and the opportunity for them to remain invested in a highly rated, more liquid vehicle with ‘a 10-year track record of uninterrupted dividend growth’.
For LondonMetric, the transaction supported its objective to ‘own and manage desirable real estate that meets occupiers’ demands, delivers reliable, repetitive and growing income-led returns and outperforms over the long term.’
Highcroft Chief Executive Officer Paul Leaf-Wright, Non-Executive Chair Charles Butler, Chief Financial Officer Roberta Miles, and Directors David Warlow and Douglas Conn have resigned from the Highcroft board with immediate effect.
Shares in LondonMetric were down 1.2% at 194.31 pence each in London on Wednesday morning. The stock is down 6.6% over the past year.
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