Dawnay Day Treveria, the AIM-listed investor in the German retail property, signalled on Monday that it is launching a strategic review that could lead to the sale of the entire company. DDT said the review was being undertaken due to the performance of its shares. The company's shares have been trading at a substantial discount to net asset value for some time and were trading 60% down on NAV on Friday. DDT's shares rose 0.025 cents to EUR 0.47 in early trading on Monday following the announcement of the review.
Dawnay Day Treveria, the AIM-listed investor in the German retail property, signalled on Monday that it is launching a strategic review that could lead to the sale of the entire company. DDT said the review was being undertaken due to the performance of its shares. The company's shares have been trading at a substantial discount to net asset value for some time and were trading 60% down on NAV on Friday. DDT's shares rose 0.025 cents to EUR 0.47 in early trading on Monday following the announcement of the review.
DDT - established by the London-based financial and property group Dawnay Day - raised EUR 375mln from institutional investors in an IPO on the junior AIM market of London Stock Exchange in December 2005. During the intervening period the company has expanded its initial EUR 650mln portfolio of German retail properties and it is now valued at EUR 2.3bn.
'The board will consider all alternatives available to the company to maximise shareholder value, including returning funds to shareholders through asset disposals or a sale of the whole company. The strategic review is at a very early stage and the board intends to update shareholders when appropriate,' DDT said in a statement.
