Laxey drop kicks £24.4m bid for Rugby Estates Investment Trust

摘要

Laxey Partners, the activist investor, has made a £24.2m offer to take over one of the UK's smallest REITs, Rugby Estates Investment Trust. Laxey said the offer on Tuesday was made following a purchase of shares, which increased its holding above the 29.99% threshold to35.7%. The offer of 41p a share in cash represents a 32% discount to Rugby Estates' net asset value of 60p a share at the end of June.Rugby Estates, which is externally managed by David Tye and Andrew Wilson's Rugby Asset Management,said the offer "substantially undervalues the company". Its property portfolio was valued at £57m at the end of June. The three largest of its 34 properties are Stanford House in London's Covent Garden, 28 Austin Friars in the City and 8-9 College Place in Southampton.