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Summit Properties tender and AIM exit

Summit Properties tender and AIM exit – Summit Properties is holding a tender offer for a third of its shares (148,275,862 shares) at €1.45 a share. The EPRA NAV at the end of September was €1.68 and it looks as though that might have risen since so the tender is being carried out at at least a 13.7% discount. Since the largest shareholder, Unifinter and the directors are in favour of this, it will go ahead – Unifinter holds 82.1% of the company and is planning to tender its whole entitlement, 121.7m shares.

Regardless of whether the independent shareholders tender their shares or not, the company is cancelling the trading of its shares on AIM. The expected cancellation date is 17 March 2020.

[This is a neat illustration of the dangers of being invested in a company controlled by a single shareholder, especially where that shareholder holds more than 75% of the shares in issue. Minority shareholders are more or less powerless in such a situation.]

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