Carpathian, the AIM-listed retail commercial property investor, has announced it is launching a strategic review which could result in the sale of the entire company. Hawkpoint Partners has been appointed to as financial adviser to assist Carpathian's board with the evaluation of the company.
Carpathian, the AIM-listed retail commercial property investor, has announced it is launching a strategic review which could result in the sale of the entire company. Hawkpoint Partners has been appointed to as financial adviser to assist Carpathian's board with the evaluation of the company.
It was also confirmed on Wednesday that Laxey Partners, the activist investment group whcih once tried to break up British Land, had built up a stake of almost 10% in Carpathian after acquiring 23 million shares.
Dawnay Day Carpathian was founded in 2005 to invest solely in Central and Eastern Europe. The firm changed its name this summer following the collapse of the Dawnay Day property and financial services empire. Carpathian stressed that it was not affected by the problems at Dawnay Day and that it held its portfolio of assets valued at more than EUR 800 mln separately from its parent company.
Announcing the strategic review, Carpathian said it would consider alternatives available to maximise value for shareholders 'including a possible sale of the whole company, at a time when Carpathian's shares trade at a significant discount to the published Net Asset Value of the Group.' Carpathian's share price has dropped sharply from 100 pence a year ago. Following news of the strategic review, Carpathian shares climbed almost 24% to 27.25 pence in trading on Wednesday.
Carpathian has also appointed Collins Stewart Europe as its nominated adviser and sole broker with a view to moving its listing to the main sector of the London Stock Exchange.
