Simon Thompson recommends shareholders take up their allocation in the deeply discounted open offer. He notes that “pro-forma NAV of £47.4mn equates to a fully diluted NAV per share of 31.5p, implying the shares are priced on less than half book value, a high level of risk aversion.” He adds that “a more benign interest rate environment could spark interest in deep value property plays and First Property is one for the watchlist.”
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