Business
Offer for The Advantage Prope
Offer for The Advantage Prope.
About this update from Conygar Investment Company Plc
[{"type":"text","content":"\n RNS Number : 1133X Conygar Investment Company PLC(The) 07 August 2009 \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n\n7 August 2009\n\nOffer by\n\nTHE CONYGAR INVESTMENT COMPANY PLC\n\nfor the whole of the issued and to be issued share capital of \n\nTHE ADVANTAGE PROPERTY INCOME TRUST LIMITED\n\nOffer Summary\n\n\n\nThe Board of Conygar is pleased to announce an offer to be made by Conygar to acquire the entire issued and to be issued share capital of TAP not already owned by Conygar at the date of the Offer.\n\n\n\n\n\nThe Offer will be made on the following basis. At the option of TAP Shareholders: \n\n\n\n(a) one New Conygar Share for every five TAP Shares held at the date of the Offer; or\n\n(b) one Conygar Preference Share for each TAP Share held at the date of the Offer, redeemable on 31 December 2011 at 25 pence and convertible at any stage at the option of the holder into one Conygar Share for every five Conygar Preference Shares; or\n\n(c) 15 pence in cash per TAP Share held at the date of the Offer.\n\n\n\nThe Ordinary Share Offer values each TAP Share at 20.2 pence and values the entire issued share capital of TAP at approximately £28.8 million, based on the Closing Price of 101 pence of a Conygar Share on 6 August 2009, being the last Business Day prior to the date of this Announcement, and represents:\n\n\n\n\n\na premium of approximately 17.1 per cent. to the Closing Price of 17.25 pence per TAP Share on 6 August 2009, being the last Business Day prior to the date of this Announcement;\n\n\n\n\n\na premium of approximately 5.8 per cent. to the average closing price of 19.1 pence per TAP Share for the three month period to 6 August 2009;\n\n\n\n\n\na premium of approximately 15.4 per cent. to the average closing price of 17.5 pence per TAP Share for the six month period to 6 August 2009; and \n\n\n\n\n\na discount of approximately 1.5 per cent. to the Closing Price of 20.5 pence per TAP Share on 28 May 2009, being t...