15th Jul 2022 20:30
Town Centre Securities PLC - Leeds, England-based property investment and car parking operator - Intends to return up to GBP7.4 million to its shareholders through a cash tender offer. Proposes 4.0 million shares, representing 7.6% of the company's share capital, for purchase under the tender offer at a price of 185 pence per share. This represents a 19% premium to the company's closing price of 155p on Thursday.
Company explains that over the last three years its underlying share price has traded at a "significant discount" to its net tangible asset value. Given the discount, the company believes it is in the best interests of its shareholders to take steps to reduce the discount through a return of cash. This, it says, will be accretive to net tangible asset value and earnings at a per share level.
Current stock price: 173.80 pence, up 12% in London on Friday
12-month change: up 24%
By Heather Rydings; [email protected]
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