Business
Update on Evaluation of abrdn Property Income
Update on Evaluation of abrdn Property Income.
About this update from Custodian Property Income Reit Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE OR OTHERWISE. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE.\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO 596/2014 (WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018) (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN FOR THE PURPOSES OF MAR.\n \nFOR IMMEDIATE RELEASE\n \n18 March 2024\n \nUrban Logistics REIT PLC (\"Urban Logistics\" or the \"Company\")\nUpdate on Urban Logistics' Evaluation of abrdn Property Income Trust Limited (\"API\")\n \nFurther to API's announcement of 14 March 2024, Urban Logistics sets out an update on its evaluation of API, further information on an alternative proposal already submitted to the Board of API and the views of the Board of Urban Logistics as to why this proposal constitutes a superior proposition for the API shareholder body as a whole amongst the alternatives being reviewed by the Board of API.\n \nThe Board of Urban Logistics urges API shareholders to vote against the Custodian Offer and to encourage their Board to re-consider the Urban Logistics Proposals.\n \nIntroduction\n \nUrban Logistics notes the announcement by API on 14 March 2024 and the statement released on 14 March 2024 by the Panel on Takeovers and Mergers (the \"Takeover Panel\") extending the date by which Urban Logistics must either announce a firm intention to make an offer for API under Rule 2.7 of the Code or announce that it does not intend to make an offer for API, to 5.00pm on 20 March 2024.\n \nOn 20 February 2024, Urban Logistics announced that it had approached the Board of API regarding an indicative share-for-share offer for the entire issued and to be issued share capital of API at an exchange ratio of 0.469 Urban Logistics shares for each API s...