European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Civitas Social Housing PLC / Event-Driven

<ul>
<li>Property developer/investor CK Asset Holdings made a 80p/share (+1.425p dividend) cash takeover offer for value-destroyer Civitas Social Housing REIT, implied equity value £485million, 44% premium and 26.7% discount to NAV.</li>
<li>Before offer announcement, Civitas traded at 50% discount to NAV, 8.1% dividend yield (covered &lt;1x). Although my fair value estimate (dividend discount model) is 83p, shareholders will likely cash in.</li>
<li>Spread is 1.26%/3.91% (gross/annualised, assuming all payments by 11 September for simplicity). Readacross: Triple Point (SOHO LN), at 49% discount/NAV, 10.1% dividend yield (covered 0.92x), could also be a target.</li>
</ul>


Property developer/investor CK Asset Holdings made a 80p/share (+1.425p dividend) cash takeover offer for value-destroyer Civitas Social Housing REIT, implied equity value £485million, 44% premium and 26.7% discount to NAV.
Before offer announcement, Civitas traded at 50% discount to NAV, 8.1% dividend yield (covered &lt;1x). Although my fair value estimate (dividend discount model) is 83p, shareholders will likely cash in.
Spread is 1.26%/3.91% (gross/annualised, assuming all payments by 11 September for simplicity). Readacross: Triple Point (SOHO LN), at 49% discount/NAV, 10.1% dividend yield (covered 0.92x), could also be a target.


CK Asset Holdings/Civitas Social Housing: Recommended Offer

United Kingdom

Triple Point Social Housing REIT plc operates as a real estate investment trust. The Company provides closed-ended investment services. Triple Point Social Housing REIT invests in property, technology, renewable energy, asset finance in leasing, lending, and other related sectors. Triple Point Social Housing REIT serves customers worldwide.

Triple Point Social Housing REIT (SOHO LN)

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52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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CK Asset Holdings/Civitas Social Housing: Recommended Offer

CK Asset Holdings made a 80p/share cash takeover offer for value-destroyer Civitas Social Housing. Before announcement, Civitas traded at 50%...

Jesus Rodriguez Aguilar