Sentio Healthcare Properties Urges Shareholders to Reject MacKenzie Tender Offer
Sentio Healthcare Properties Inc., a publicly registered non-traded real estate investment trust, sent a letter to its shareholders recommending that they reject an upcoming tender offer from MacKenzie Realty Capital.
According to the letter, MacKenzie Realty Capital Inc. – a non-traded business development company, plans to offer $7.25 per share of Sentio common stock – although the share limit was not disclosed.
Sentio’s CEO John Mark Ramsey recommend shareholders reject the tender offer since “it is significantly less than the current and potential value of the shares.”
Sentio previously disclosed an estimated net asset value of $12.45 per share, as of December 31, 2015. Sentio noted that the board believes that the NAV has not been adversely affected since last year. Shares in the initial public offering were originally sold for $10.00 each.
Last September, Mackenzie purchased 13,130 shares of Sentio Healthcare Properties for $7.00 each, as reported by The DI Wire.
Sentio Healthcare Properties closed its initial public offering in February 2011 after raising $123.9 million in investor equity. The company also raised $8.4 million in a follow-on offering that closed in June 2013, and continues to offer shares to existing stockholders through their distribution reinvestment plan. The company, which owns 34 properties, invests in senior living properties, triple net leased healthcare properties and medical office buildings.
