A position was built and engagement prepared in anticipation of corporate activity, with an entry price of 85.4 pence per share in April 2025.
Unite Group announced a possible offer in June 2025. A recommended cash and share offer followed in August 2025 for 0.085 New Unite Shares and 32 pence in cash. Based on the prevailing Unite share price, this implied a value of 94.2 pence. The Scheme was approved by shareholders at the General Meeting on 6 October 2025 and became effective in January 2026.
However, shortly following approval of the Scheme on 6 October 2025, Empiric issued a trading update on 3 November 2025 which highlighted significant pressures being faced by the company and the wider sector. The share price reaction was severe and as a result the Company realised 77.6 pence per share including dividends just before year end. This gave a return of approximately minus 9.1 per cent., an IRR of approximately minus 14.4 per cent.
The trading update reinforced governance concerns around Empiric due to the market communications closely following to shareholder decision points. The Company owned a maximum of 9,150,000 ordinary shares during the period, being 1.38 per cent of Empiric’s issued share capital. At the period end, the Company owned no ordinary shares.
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