- Property financing group Urban Exposure has said it intends to offer eligible shareholders up to £65 million as it continues a wind-down of its business following the announcement on 1 October 2020.

Completion of the proposed tender offer will be subject to shareholder approval. As announced on 22 September, the company's unaudited net tangible asset value per share as at 30 June 2020 was 77 pence per share. The company said it now has a cash balance of approximately £81 million.

The tender price represents a 2.6% discount to the net tangible asset value and a 7.9% premium to the mid-market price of 69.50p per share as at close of business on 23 November 2020, being the last business day prior to this announcement.

Full details of the offer, including the expected timetable and procedure for tendering shares will be set out in the tender offer circular which is expected to be published shortly. A further announcement will be made in due course.

At 2:47pm: [LON:UEX] Urban Exposure Plc Ord Gbp0.01 share price was 0p at 69.5p

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