Wingate Property Investments’ offer for Property Holding & Investment Trust has been declared unconditional with acceptance in respect of 69.4% of the issued share capital.
The cash alternative offers, provided principally through Samuel Montagu’s underwriting of the new Wingate shares at 330p, have now been closed and the ordinary offer extended until further notice.
Existing Wingate shareholders, which includes Chase Corporation of New Zealand, have elected to subscribe for 21.7m new Wingate shares at a cost of £71.6m, under the special arrangements whereby they were given the opportunity to subscribe for the new Wingate shares made available by PHIT shareholders electing to take the cash alternatives.
If Wingate now acquires all the remaining PHIT shares under the terms of its ordinary offer, Chase Corporation’s stake in Wingate will amount to 60.2% of Wingate’s equity, which is in line with its stated intention of maintaining sufficient independent shareholders of Wingate to allow an active market to continue in its shares. At some stage early next year it is expected that Chase will seek a full listing for Wingate’s shares on the Stock Exchange, at present the share is traded on the USM.
