15th Nov 2019 15:13
(Alliance News) - Asset management services provider Urban Exposure PLC said Friday it has received several new proposals, on top of the restructuring proposal received last week from shareholder R20 Advisory Ltd.
On Tuesday last week, R20 had written to the board of Urban Exposure with a restructuring proposal, following R20 building a stake of almost 13% in the company over the last six months.
The proposal was focused on restructuring the company's business to restore shareholder value and improve liquidity in the shares.
To facilitate the restructuring of Urban Exposure into a publicly traded debt fund, R20 proposed a carve out of the management company from Urban Exposure, thereby saving annual costs estimated to be between GBP12 million and GBP13 million and the issue of a 30 pence a share dividend.
Urban Exposure's board said it was considering the additional proposals, without specifying what the new proposals were, alongside R20's contribution.
Shares in Urban Exposure - which is headquartered in London - were 12% higher at 63.00 pence on Friday.
By Dayo Laniyan; [email protected]
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