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Urban Exposure in talks with Pollen Street Capital over loan book sale
4th Mar 2020 12:54
(Sharecast News) - AIM-listed Urban Exposure confirmed on Wednesday that it is in "exclusive" discussions with investment fund Pollen Street Capital about the potential disposal of its loan book.
The company, which provides finance to help property developers "make their mark" in the world of real estate, said any sale of the loan book would be accompanied by the sale of its asset management business to the existing management team, followed by the proposed cancellation to trading on AIM and the company's liquidation.
This could potentially result in a return to shareholders in the region of 73p a share, it said, adding that any transactions would be subject to shareholder approval.
Urban Exposure said there can be no certainty that the potential transactions will be completed, nor as to any returns that shareholders may receive as a result. A further announcement will be made in due course.
The statement followed a report by Sky News suggesting that the company was looking to break itself up and sell its constituent parts following pressure from financier Robert Tchenguiz.
Sky had said that Urban Exposure was on the brink of a deal to sell its loan book to Pollen Street Capital, which has interests in several publicly quoted vehicles.
At 1250 GMT, the shares were up 12% at 65.88p.
The company, which provides finance to help property developers "make their mark" in the world of real estate, said any sale of the loan book would be accompanied by the sale of its asset management business to the existing management team, followed by the proposed cancellation to trading on AIM and the company's liquidation.
This could potentially result in a return to shareholders in the region of 73p a share, it said, adding that any transactions would be subject to shareholder approval.
Urban Exposure said there can be no certainty that the potential transactions will be completed, nor as to any returns that shareholders may receive as a result. A further announcement will be made in due course.
The statement followed a report by Sky News suggesting that the company was looking to break itself up and sell its constituent parts following pressure from financier Robert Tchenguiz.
Sky had said that Urban Exposure was on the brink of a deal to sell its loan book to Pollen Street Capital, which has interests in several publicly quoted vehicles.
At 1250 GMT, the shares were up 12% at 65.88p.