Termination of offer talks (1328R)

TIDMPCTN TIDMIFD

RNS Number : 1328R

Picton Property Income Limited

31 October 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

FOR IMMEDIATE RELEASE

Picton Property Income Limited ("Picton" or the "Company")

Termination of offer talks

On 19 August 2011 the Company announced a possible offer for Invista Foundation Property Trust Limited ("Invista Foundation") under Rule 2.4 of The City Code on Takeovers and Mergers (the "Code"). Since that time, the Company has been engaged in extensive negotiations with Invista Foundation regarding an offer proposal Picton made to the Invista Foundation board. Picton has now decided to withdraw that offer proposal.

Picton has not been able to agree a proposal with the board of Invista Foundation that the Invista Foundation board was willing to recommend to Invista Foundation shareholders. In view of the inability to secure a recommendation of the proposed merger, and in accordance with Rule 2.8 of the Code, the Board of Picton has decided to withdraw its offer proposal and will not be making an offer for Invista Foundation.

Picton has invested significant time and resources into assessing a potential merger of the two businesses as it continues to believe that the strategic rationale and benefits of a combined group are compelling, a view endorsed by several key Invista Foundation shareholders.

Picton will continue to focus on its strategy, including internalisation and its refinancing initiatives, which the Board of Picton is confident will deliver significant value to Picton shareholders.

Enquiries:

 
 Picton Capital Limited                 020 7628 4800 
 Michael Morris 
 
 LCF Edmond de Rothschild Securities 
  Limited                               020 7845 5900 
 William Marle 
 John Armstrong-Denby 
 
 Oriel Securities Limited               020 7710 7600 
 Mark Young 
 Nicholas How 
 Neil Langford 
 
 Tavistock Communications               020 7920 3150 
 Jeremy Carey 
 James Verstringhe

This information is provided by RNS

The company news service from the London Stock Exchange

END

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