Urban Exposure releases update on wind-down strategy

1st Oct 2020 10:12

(Sharecast News) - Urban Exposure updated the market on its wind-down strategy on Thursday, in which it was expecting shareholder returns to be between 72p and 78p per ordinary share.
The AIM-traded firm said that at the time of its update on 22 September, it had a cash balance of £51m, of which it expected around £26m to be distributed to shareholders within a two-month time frame.

At that date, the group had also reduced its forecast capital drawdown obligations to about £10.2m.

"Following further repayments, the group is pleased to announce that its cash balance is now £65.5m, of which it expects to distribute approximately £43m within the next two months," the board said in its statement.

"The nature and timing of this capital return will be announced in due course. In addition, the group's forecast capital drawdown obligations have further reduced to approximately £7.7m."

At 1205 BST, shares in Urban Exposure were up 1.15% at 66.25p.