Drayton made to correct figures

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The Independent Online
DRAYTON ASIA, the Invesco MIM managed investment trust struggling to fight off a pounds 125m bid, has been forced by the Takeover Panel to correct inaccurate statements it made about the value of the offer from EFM Dragon Trust.

In an after-hours statement to the Stock Exchange, Drayton Asia accepted it was wrong to rely on estimates of net asset value from the Financial Times when challenging the value of the EFM Dragon offer earlier this week.

Drayton Asia also acknowledged it had been 'inappropriate' to rely on a figure from EFM Dragon's offer document when producing its figures. Estimates of both trusts' asset values had changed by the time Drayton Asia issued its statement in response.

These mistakes led Drayton Asia to understate the value of EFM Dragon's offer by a small amount.

Drayton Asia said it would use its own estimates of its NAV in future. These are slightly lower than the figures it took from the FT.

Using the correct figures, Drayton Asia said EFM Dragon was offering NAV of 94.9 per cent of Drayton Asia's undiluted NAV. The share value of the offer was 93 per cent of Drayton Asia's NAV.