Irongate: playing hard-to-get worked
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Irongate Group has entered into a scheme implementation agreement with Charter Hall PGGM Industrial Partnership No.2 (just rolls off the tongue, doesn’t it?) through which Charter Hall would acquire 100% of the units in the two Irongate property funds.
In simple terms, there’s a buyout offer on the table and Irongate likes it.
Irongate shareholders would receive AUD1.90 per stapled security (i.e. share – but legally a different structure) under this deal. Shareholders are entitled to receive Irongate distributions for the period ended 31 March up to 4.67 AUD cents per share.
The board of Irongate is unanimous in its recommendation that Irongate shareholders should vote in favour of the schemes, as the terms are fair and reasonable in the view of the board. An independent expert still needs to provide an opinion on this.
The offer price is a 21% premium to the closing price on 28 January 2022, the day before the announcement. It is 11.8% higher than the net tangible assets per share and is also 10.5% higher than the highest of the previous non-binding indicative offers received by Irongate. The board seems to have done a great job in getting a better deal for shareholders.
As part of assessing the offer, Irongate undertook external valuations for 34 of its properties, representing 92% of the total properties in the portfolio. These unaudited valuations are expected to take the net tangible asset value per share to AUD1.70.
An independent expert opinion will be obtained and a circular sent to shareholders in due course.
