4 April 2022 - final offer

It is very disappointing to report that the latest offer for the company, worth 60p in cash per share, has been declared unconditional by the offeror, Corporation Financiere Europeenne SA (CFE).  The net asset value per share of the company at 25 March was 86.55p and so the offer seriously undervalues the company.  CFE does have acceptances and shares for over 53% of the equity but the board of CIP have advised shareholders to continue to reject the offer due to the large discount to the net asset value as CFE does not appear . . .

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