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Intu Properties Fundamentals (INTU)

4 October 2018

intu properties plc

Response to statement re possible offer
intu properties plc ("intu") notes the statement by the Peel Group, the Olayan Group and Brookfield Property Group (together the "Consortium") in relation to a possible offer by the Consortium for intu.

intu confirms that it has not received an approach from the Consortium. The Board of intu has formed an independent committee comprising all directors of intu other than John Whittaker, who is connected to the Consortium. The independent committee will consider any approach from the Consortium, if made, and a further announcement will be made if and when appropriate.

In accordance with Rule 2.6(a) of the Code, the Consortium is required, by not later than 5.00 p.m. on 1 November 2018, to either announce a firm intention to make an offer for intu in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

There can be no certainty that any proposal will be made or as to the terms on which any proposal might be made.

The person responsible for arranging the release of this announcement on behalf of intu is Susan Marsden, Group

My luck is in. Indicative offer for INTU at 210.4p, which means I scrape out for a small profit as my average is 207.8p. I've had 14.2p of dividends too so about a 5% return in a year provided I can sell them within a couple of months.

I started buying at 255p which seemed like a bargain as I had sold my holding previously at 330p only a few months earlier. Watching them go to 150p was not pleasant.

But what it does show is just how pessimistic the city boys and girls are. If John Whittacker who owned 27% of INTU wants to buy it at 210p, it's indicative of just how far out the city are in their valuations right now.

Withdrawal of Possible Offer and Corporate Update

Peel Hunt Hold 122.88 190.00 Reiterates

Liberum Capital Sell 122.88 145.00 Reiterates

A mention here.