Impax Environmental Markets Investment Trust

where_are_we

I would welcome any thoughts on what action I should take on the proposed tendering of shares in Impax Environmental Markets IT in order to thwart a takeover by activist investor Saba.

There appears to be a chance to profit from a NAV discount of around 7% by accepting the tender offer. Does it matter which way I vote?

Albermarle

The deal seemed to be dependent on Saba approving the tender in a vote, and I got the impression that this seemed unlikely. So the actual tender offer might never actually come to fruition anyway.

Numbersup

Not well up on these things at all, so forgive ignorance showing, but to me it seems ideally and morally I might want to vote positively for the board . The takeovers are pretty ruthless it seems and you dont know whether the likes of SABA will actually improve the fund financially ,or do a hit and run either. It goes against the grain to encourage and enable these ruthless outfits that seem to be invading and causing havoc . Maybe SABA's behaviour will put a fire under the board which makes them pull their socks up , because the fund certainly hasnt done very well the last few years despite investing in companies to do with sustainability for the future . If you're a bare trust trustee for an IMPAX fund holder though and fear Impax wont improve its performance ,and youre offered a way to get out now which could perhaps be more financially attractive for your beneficiary , do you ignore morals etc and just do what could be best for the beneficially , bearing in mind its only a 'could do well' and even experts cant tell you for sure or do you as recommended in various articles Ive read ,stay moral and support the boards recommendation ?

Numbersup

Thanks, very useful .

Numbersup

So SABA has thwarted Impax's plans and a second offer is imminent. Does anyone know if you declined the first failed offer by not signing the 'sell' form, you will get a new chance with the next offer?

k12479

I'm not sure Saba thwarted Impax's plans, Saba not voting for it was expected, wasn't it?

But yes, you would get the chance to tender your shares in the next offer.

k12479

IEM published details of the exit tender offer today:

https://www.londonstockexchange.com/news-article/IEM/publication-of-exit-tender-offer-circular/17505665

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81927294#Comment_81927294

Time to cash in I guess, The IT has not been performing very well anyway.

k12479

Yes, I've not been too happy with it either, so also looking to exit.

where_are_we

Impax have released the tender price of 494.761953p per share (which is due to the recent improvement in the share price) and Winterflood will sell tender exit shares on 19/5. I presume payment will be made soon after this date to those who participated in the tender offer. A friend who did not participate now regrets it due to the NAV discount of about 8%. Today the shares are valued at about 456p. I suppose there is no way my friend could sell at the NAV price? What are the prospects for the resulting smaller IT?

wmb194

https://forums.moneysavingexpert.com/discussion/comment/82002976#Comment_82002976

"I suppose there is no way my friend could sell at the NAV price?" No, they've missed the tender deadline on 17/04/26. Payment is, "expected to be the week following the announcement of the Tender Price" so it could be this week but perhaps next week.

https://www.investegate.co.uk/announcement/rns/impax-environmental-markets--iem/publication-of-exit-tender-offer-circular/9477017

https://www.investegate.co.uk/announcement/rns/impax-environmental-markets--iem/tender-price/9569661