December 20, 2017 / 7:24 AM / 6 months ago

BRIEF-Taliesin Property Fund and Wren Bidco agree on all cash acquisition of Taliesin

* The boards of directors of Taliesin Property Fund Limited (“Taliesin”) and Wren Bidco Limited (“Bidco 1”) and Canary Bidco Limited are pleased to announce that they have reached agreement on the terms and conditions of a recommended all cash acquisition of the entire issued ordinary share capital of Taliesin.

* Under the terms of the Acquisition, each Scheme Shareholder will be entitled to receive for each Scheme Share: 51 Euros in cash

* The price per Scheme Share represents a premium of approximately:

* 10 per cent to the closing price of €46.31 per Taliesin Share on 19 December 2017 (being the last business day before the date of this Announcement)

* 16 per cent to the volume-weighted average price of €44.15 per Taliesin Share for the three-month period ended 19 December 2017 (being the last business day before the date of this Announcement

* 20 per cent to the volume-weighted average price of €42.58 per Taliesin Share for the twelve-month period ended 19 December 2017 (being the last business day before the date of this Announcement)

* 16 per cent to the 30 June 2017 Adjusted NAV of €44.14 per Taliesin Share

* The Offer Price has been agreed by the boards of directors of Taliesin and the Bidcos on the basis that no final dividend for the financial year ended 31 December 2017 will be paid by Taliesin to Taliesin Shareholders

* The Acquisition values Taliesin’s entire issued ordinary share capital at approximately €260 million

* It is intended that the Acquisition will be implemented by means of a Court-sanctioned scheme of arrangement under Article 125 of the Companies Law.​ Source text for Eikon: Further company coverage: (Reporting By Pamela Barbaglia)

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