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The WAFR board said it was delighted so few shareholders had accepted Walls & Futures REIT PLC (LON:WAFR) has again urged shareholders to take no action on the bid from Virgata Services after noting the initial level of support. At the first closing date, Virgata received 9.13% acceptances and the WAFR board said it was delighted so few shareholders had accepted. We look forward to closing this unfortunate chapter and move forward to delivering the ambitious and credible growth strategy as outlined in our response document, said the statement. WAFR repeated that as of 31st March 2021, its NAV of 102p per share was more than twice the offer price of 50p per share. ....
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. ....
8 January 2021 | 13:31pm StockMarketWire.com - Walls & Futures REIT recorded a post-tax loss of £71,293 for the six months to September 2020, according to its interim results. This was narrower than the £92,200 loss recorded in the same period in 2019. Despite lockdown, the REIT recovered more rent than the year before. In the six months to September 2020, £79,000 in rent was recovered against £67,650 the year before. The ethical housing investor and developer continued to sell assets and offloaded a leasehold property in Southfields for £660,000. The board has confirmed it is seeking to dispose of its last residential property asset in London in the coming months. ....