Victoria Property has popped in an offer for the struggling Ground Rents Income (GRIO), which hit a new all-time low at the end of 2024.
GRIO had proposed an orderly winddown of its assets after having the legs kicked out from under the business by the previous government’s Leasehold Reform Act.
Victoria, part of Martin Property, says this will take too long and after having three approaches rebuffed with no engagement from GRIO it is going straight to shareholders with a 34p cash per share offer.
The offer is higher than GRIO’s share price at any time over the past twelve months, Victoria added, and values GRIO at £32.5 million.
Shares in GRIO, which has yet to respond publicly, jumped 38% to 31.5p.