02:27 Mon 11 Jan 2010
Invista Real Estate admits to offer talks
Invista Real Estate Investment Management Holdings (INRE) has revealed that it is in discussions with a third party about a potential offer for the company.
The company, a widely-respected spin-off from Insight Investment Management in 2006, is backed by Keir Group.
At 2pm, the group's shares were up 15.5p or 30.7% at 65p after closing yesterday at 50.5p.
In a statement to the London Stock Exchange, the group said that it had noted the recent movement in the share price.
It added: 'The Company confirms that it is in preliminary discussions with a third party regarding a potential transaction which may or may not lead to an offer being made for the Company. These discussions are at a highly preliminary stage and there can be no certainty that any offer will be made.
The firm is well held within the investment community, with Bob Brown's investment boutique RC Brown currently holding a 1.15% stake in the group.
At 30 November 2009, INRE's assets under management stood at £5.3 billion, having decreased by 1.7% since 30 June 2009.
At the same time it held gross cash of £76.3 million on its balance sheet.
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