14 January 2022 - mandatory cash offer

The major shareholder in the investment group, Corporation Financiere Europenne SA (CFE) has acquired 1.091m shares today at 55p and this has taken its shareholding to 31.8% of the equity.  As a result, CFE has been forced to make a bid for the company and it is offering 55p per share in cash for the shares it does not own.  This is a significant discount to the underlying net asset value per share of 87.6p (as announced on 101 January 2022).  The offer price is clearly too low and we would . . .

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