17 January 2022 - offer rejection

It has come as no surprise that the Board of the company has responded to Friday's unsolicited offer from CPE with a firm rebuttal, advising shareholders to take no action.  As we reported on Friday the mandatory offer of 55p per share is significantly below the net asset value per share of 87.6p at 7 January.  Although the Board is seeking independent advice as it should, we remain sure that the end result will be the same with shareholders advised to reject the offer.  With the shares still looking cheap we maintain our . . .

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