AIM-listed property financier Urban Exposure said this week that it is in ‘exclusive’ discussions with UK investment fund Pollen Street Capital about the potential sale of its loan book.
The company, which last year completed £498 mln (€577 mln) of new lending, said any sale of the loan book would be accompanied by the sale of its asset management business to the existing management team, followed by the proposed cancellation to trading on AIM and the company's liquidation.
The liquidation of Urban Exposure would be estimated to result in a 73p per share return to shareholders. The transactions are subject to approval from the company's shareholders.
Urban Exposure said there can be no certainty that the potential transactions will be completed, nor as to any returns that shareholders may receive as a result. A further announcement will be made in due course, it added.
Urban Exposure has committed in excess of £1 bn of new lending since admission to AIM in May 2018. The firm is reportedly under pressure from financier Robert Tchenguiz to break itself up. Tchenguiz owns 12.6% stake Urban Exposure, according to news agency Sky News.