Board Update re Proposed Offer

6 Jul 2009 07:00



6 July 2009

THE ADVANTAGE PROPERTY INCOME TRUST LIMITED

("TAP" OR THE "COMPANY")

 BOARD UPDATE TO PROPOSED OFFER FROM THE CONYGAR INVESTMENT COMPANY PLC

Further to the Board's AGM statement released on 3 June 2009 in which the Board stated, inter alia, that TAP's current net asset value remains substantially above the value represented by the conditional proposed offer by Conygar Investment Company plc ("Conygar") made on 29 May 2009, the Board continues to firmly believe the conditional proposed terms set out by Conygar in its announcement to be wholly inadequate and undervalue the Company. The proposed conditional offer values the assets at approaching an 11% yield. 

There continues to be no substantive contact or communication from Conygar or its advisers and the Board awaits clarity on Conygar's intentions. In addition, the Board has considered a number of alternatives for the Company, and has made good progress in pursuing possible offers from a number of parties at a level which would better reflect the value of the Company's assets. It should be emphasised, however, that at this stage no firm offers have been received and, accordingly, there can be no certainty that any firm offer for the Company or its assets will be made.

The Board confirms that it will be reporting the Net Asset Value no later than the 28th July 2009 and will provide a further update on progress as appropriate.

The Board continues to urge shareholders to take no action in respect of Conygar's proposed conditional offer. 

For further information, please visit www.tapincome.com or contact:

Dealing Disclosure Requirements 

Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of TAP or Conygar, all "dealings" in any "relevant securities" of that company (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of TAP or Conygar, they will be deemed to be a single person for the purpose of Rule 8.3. 

Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of TAP or Conygar by the offeror or the offeree company, or by any of their respective "associates", must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. 

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. 

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, you should consult the Panel.