Walls & Futures says 50p per share cash offer is substantial undervaluation

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Walls & Futures REIT PLC (LON:WAFR) has advised shareholders to take no action regarding a cash offer from Virgata Services.

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.

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