7th Jan 2020 11:04
(Alliance News) - Worsley Investors Ltd on Tuesday said it intends to launch an open offer to raise GBP6.2 million to "pursue its investment objective".
The investment firm, which was formerly known as AXA Property Trust, said its shareholders will be given an opportunity to subscribe for shares on the basis of one open offer share for each existing share held. Overall, Worsley said it intends to issue up to 20.8 million shares at a price of 30 pence each.
The open offer price represents a discount of 35% to the most recently announced net asset value of 45.84p per share at the end of September 2019.
The stock was trading 1.8% lower in London on Tuesday morning at 30.92p a share.
Worsley said the proceeds from the open offer will be invested in accordance with its investment policy. These proceeds will be "in due course" supplemented by the disposal proceeds of the company's sole remaining property asset at Curno, Italy, it said.
By Evelina Grecenko; [email protected]
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