Liquidity Partners Trust I filed a tender offer statement on Schedule TO on October 30, 2017, seeking to purchase 2,000,000 shares of InvenTrust Properties Corp. at a price of $1.55 per share, approximately 47% of the non-traded REIT’s stated value of $3.29. The offer is 4.0% above a recent Mackenzie tender offer for the same program, but below secondary market pricing. The Direct Investments Spectrum, reported sales of Shares on secondary markets at an average price of $2.16 per Share during the period June 1, 2017 through July 31, 2017, the most recent period reported. The Stanger Report reported sales of Shares on secondary markets at prices between $1.42 and $2.22 per Share during the period March 1, 2017 through May 31, 2017, the most recent period reported.
InvenTrust filed an 8-K acknowledging it is aware of the mini-tender. It will review and consider the offer at its November 9 meeting prior to taking a position with respect to the mini-tender.
Liquidity Partners I and its affiliates currently beneficially own 103,751,020 Shares of the Company, or approximately 0.01% of the outstanding Shares. The 2,000,000 Shares subject to the Offer constitute approximately 0.26% of the outstanding Shares
According to Mini-Tender Data, The this is the first publicly filed tender offer from Liquidity Partners Trust, although they may have completed other tender offers without filing form SC TO-T, and/or under different entity names.