Trafford Park Estates, the publicly quoted British property company, has promised to pay a 3.15p final dividend as part of its defence against the hostile offer from Green Property. The announcement of the higher dividend is contained in Trafford's second defence document and brings the payout for the full year to 4.40p, representing a 13 per cent increase on the previous year. Trafford's chairman, Sir Neil Westbrook, has reiterated that the Green offer "still patently undervalues Trafford Park Estates" and he has "strongly" urged his shareholders not to accept the Green offer. The Green offer values Trafford at £146 million and the closing date has been extended to July 10th. It had received valid acceptances in respect of 0.78 per cent by June 26th. Trafford has also highlighted a June 10th British government announcement regarding liberalisation of access to regional airports. It said the move should increase the value of the Ringway site next to Manchester Airport by around £3.5 million, representing 5p per share.
Green has offered 46 new Green shares for every 100 Trafford shares, valuing Trafford shares at about 210p per share. There is also a cash alternative of 190p per share. Trafford has reiterated that Green's cash offer is 11p below the company's net asset value of 201p.
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