Cls Takeover Rumours (CLI)

That the family’s holding, or most of it, is now in a charitable trust does change the analysis of a likely takeover Trustees can’t just reject a bid because of emotional attachment to assets reasons

There's alot of uncertainty here, but I don't see this as the basket case implied by the huge discount to book value. As pyukaf says, there is some quality there that could be sold at or close to book. Its the location of some of their assets that has and will enable them to salvage good value from properties that would otherwise have much further to fall to reach land value less demolition. I think the end result is a takeover by the majority owner, or a further tender offer probably at a significant premium to the current 60 odd pence level.

With all the non recoverable Capex and rent frees it's very difficult to work out how much they're making from office property. Its striking how there's been zero interest in office property yet virtually every other sector has seen takeover activity.