FIRST CLOSING DATE & OFFER EXTENDED TO 10 JUNE 2021 On 8 April 2021 , Virgata Services Limited ( Virgata ) announced the terms of its firm cash offer ( Offer ) to acquire the entire issued and to be issued ordinary share capital of Walls & Futures REIT plc ( Walls&Futures ). The full terms and conditions of the Offer and the procedures for acceptance were set out in the offer document ( Offer Document ) and form of acceptance ( Form of Acceptance ) published by Virgata on 6 May 2021. Walls & Futures Fundamental Challenge On 20 May 2021, your Directors sent a circular to Walls & Futures Shareholders (the Response Circular ). A copy of the Response Circular can be viewed on the Walls & Futures website,
The value receivable by a solvent winding-up would be substantially higher than the offer. A WAFR development
Walls& Futures (LON:WAFR) has said it will give shareholders a vote on whether to wind the business up if they turn down the takeover offer from Virgata.
In a formal response to the 50p per share Virgata offer, the board of the specialist social housing (SSH) group again rejected the bid and said compared to a net asset value of 102p per share it significantly undervalued the business.
The REIT’s property assets are worth £3.2mln on the open market, it added, compared to the £1.2mln implied by the offer.
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