Directors of the supported housing specialist said the offer was opportunistic and substantially undervalues the company.
“The offer price of 50p per ordinary share in the company values Walls & Futures at £1.88mln,” the trust said in a statement.
“This represents a 53.5% discount to the net asset value of the company of £4.03mln as at 31 March 2020 (the year-end of the last audited annual report) or 52.6% discount to the net asset value of the company of £3.96 million as at 30 September 2020 (the period end of the last unaudited half-yearly report).
“The board believes that the company’s strategy of developing long-term investment properties within the supported living sector will prove increasingly successful and to the benefit of shareholders,” said the statement.
A new estimate of net asset value at 31 March 2021 is being prepared, Walls & Futures added.