Further to the suspension of trading in the Company's ordinary shares on AIM on 30 August 2013 pending an announcement, the Company announces that it has received from Proton Bank ("Proton") a termination notice in respect of its financing facility of approximately €28.2 million.
Property companies, as this is essentially what AREOF is, are valued relative to their Net Asset Value ('NAV') and we believe AREOF offers considerable long-term upside potential because the Romanian and Ukraine economies are recovering strongly and this upside potential has yet to be fully reflected in asset values. Nevertheless, AREOF's assets, as enlarged by the ERA Shopping Park acquisitions, were independently valued by Colliers International and Jones La Salle and indicated that net assets totalled €82.7 million or 13.6c per share. Therefore, with the shares trading at 4.5c and a net asset value per share of 13.6c, we recommend the shares as a strong buy.
20 Sep '11
20th September 2011 Analyst: Philip Morrish Email: firstname.lastname@example.org Tel: 0207 562 3362 Argo Real Estate Opportunities Fund - Initiate Coverage at 4.5c with a Target Price of 13.6c and Recommendation of Strong Buy
26 Feb '10
Spoke to em
Said they thought their feelin was share was highly undervalued but no significant news this week
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