7th Aug 2019 15:17
(Alliance News) - AEW UK Long Lease REIT PLC said on Wednesday that it is no longer in an offer period after several takeover discussions stalled.
The real estate investment trust said none of the proposals reflected the "true value of the group" and were not in the best interests of its shareholders.
It also said the offers undervalued its assets with some of the interested parties being unable to provide assurance that new working capital would be available.
Following the strategic review, AEW said it will launch a cost reduction exercise to deliver a fully cash-covered dividend for the current financial year in line with policy.
The trust targetted an annual dividend of 5.50 pence per share for the year to the end of June 2021.
AEW shares were down 2.8% at 78.00p each in London on Wednesday afternoon.
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