30 May 2025 - NAV update
The company has confirmed that at 31 March its net asset value per share was 24.6p per share. Since the recent tender offer which involved the buyback of over 110m shares this is estimated to have increased to 26.1p per share. The shares therefore stand at a discount of over 40% to the underlying NAV. In our view this is much too large a discount and we therefore rate the shares as a BUY
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