Alpha Real Trust, the real estate debt specialist, has proposed delisting its shares from the Specialist Fund Segment and offering shareholders a tender offer at NAV.

The company is majority owned by Alpha Global Property Securities Fund Pte. Limited and persons acting in concert with Alpha Global, which together own 88% of shares in the company.

The remaining 12% is free float and these shareholders will be given the opportunity of exiting the company through the tender offer at a price of 208.8p per share. This is a large premium to the share price, which was trading as low as 113p in mid-November.

Both the cancellation of its listing and the tender offer are conditional on the other being passed at an extraordinary general meeting on 20 December 2024.

If the cancellation resolution is passed, it is anticipated that cancellation will become effective on 23 January 2025.

The company has suffered a persistent discount to NAV mainly due to the very low level of liquidity in its shares as a result of the exceptionally low free float.