- £15.2mn tender offer to buy out minority shareholders
- Expected last day of dealings 22 January 2025
- Crystalises 80 per cent gain
Shareholders in Alpha Real Trust (ARTL:198p), a company that invests in high-yielding property and asset-backed debt and equity investments, have overwhelmingly approved a tender offer that enables minority shareholders to sell all their shares back to the company ahead of a cancellation of the listing on 23 January. I would strongly advise submitting your tender forms ahead of the 3pm deadline on 17 January.
The tender price of 208.8p a share is in line with Alpha’s last reported net asset value (NAV) of £125.8mn, so you are getting full value for your shares. Moreover, the tendered shares are entitled to the fourth-quarter dividend of 1p a share, which will be paid on 24 January. Effectively, you will crystallise a total return of around 80 per cent if you bought the shares, at 118p, when I revealed my 2024 Bargain Share portfolio or when I recently repeated that advice at the same price (‘This high-yield stock has more cash than its market cap,’ 25 November 2024).