Overview
Industrial Multi Property Trust PLC has announced that it has received notice from Alpha Real Trust Limited who holds approximately 18.7 per cent. of the share capital requisitioning an extraordinary general meeting of the Company (the “EGM”) to consider the following resolutions:
- That Jonathan Clague is removed as a Director of Industrial Multi Property Trust PLC.
- That Donald Lake is removed as a Director of Industrial Multi Property Trust PLC.
Accordingly, an EGM will be convened on a date to be confirmed. The Board presently comprises four independent directors and one director, Mark Rattigan, who is not considered independent since he is also Chief Operating Officer of Alpha Real Capital LLP, the Company’s investment adviser and manager. Alpha Real Capital LLP is also the investment manager of Alpha Real Trust Limited. The independent directors have recently been engaged with representatives of Alpha Real Trust Limited in relation to options for a refinancing of the company and are therefore all disappointed that Alpha Real Trust Limited has nevertheless decided to requisition the removal of two of the independent directors of the company.
As required under the Isle of Man Companies Act 1931, the Company will be writing to shareholders in due course to convene an EGM and to present more fully its views on the resolutions.
UPDATE 1 December
The independent directors have added another resolution for shareholders to consider. This would give them the freedom to sell off the portfolio, presumably in anticipation of a wind up of the company. the meeting is scheduled for 19 January 2017.
IMPT / ARTL : Call to remove Industrial Multi Property Trust directors