4th Mar 2020 13:14
(Alliance News) - Urban Exposure PLC, a finance provider to property developers, on Wednesday confirmed that it was in exclusive talks with investment fund Pollen Street Capital to sell its loan book.
Shares in the company were 12% higher in London at 65.88 pence each in afternoon trade.
"The board of Urban Exposure notes recent media speculation and confirms that it is in exclusive discussions with Pollen Street Capital regarding the potential disposal of the company's loan book," the company said in a short statement.
The London-based company also said that any sale of the loan book would be accompanied by the sale of the company's asset management business to its existing management team, followed by cancellation to trading on AIM stock market and liquidation of the company,
The liquidation of Urban Exposure would be estimated to result in a 73p per share return to shareholders. The transactions are subject to approval from the company's shareholders.
Urban Exposure, however, warned that there was no certainty over the transactions nor on shareholder returns.
On Tuesday, Sky News, citing an institutional investor, reported that Urban Exposure was under pressure from financier Robert Tchenguiz to break itself up.
Tchenguiz owns 12.6% stake Urban Exposure, according to the news agency.
https://news.sky.com/story/urban-exposure-plots-break-up-after-tchenguiz-pressure-11948811
By Tapan Panchal; [email protected]
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