Waalre, April 29, 2021 – NAVSTONE SE (ISIN NL0009538008 / WKN A1CUJD), which is listed on the m:access of the Munich Stock Exchange, updates on business performance in the first quarter of 2021.
In March 2021, the Company’s Annual General Meeting decided to rename the company to NAVSTONE SE and focus on real estate. At the same time a further property in Dublin was acquired and integrated into the portfolio. Management expects to close the purchase of a further property in Dublin in the coming weeks. Acording to a survey of Chartered Surveyors Irish house prices, which were resilient during the pandemic in 2020, will rise by an average of 4 per cent in 2021 as supply shortages continue to support valuations,.
The aim of NAVSTONE SE is to build up a real estate portfolio with a total value of approx. EUR 30 million and to achieve stable cash flows and an attractive increase in value for shareholders on the basis of a buy-to-let strategy. Several further real estate investments are currently under review.
At the Annual General Meeting in March 2021, the Board of Management was authorised to acquire the Company’s own shares for a period of 18 months. In particular, shareholders who did not wish to support the strategic realignment of the Company should be given the opportunity to exit their investment. As the share price has been consistently above the initial share buyback price of EUR 1.70 in recent weeks, the company will also acquire shares above this price level via the stock exchange. Management has set itself the goal of closing the difference between NAV and the share price.
On the basis of a successful financial year 2020, which was concluded with a pre-tax profit of EUR 2.6 million (provisional figures, unaudited), the NAV increased to around EUR 3.30 per share as of 31.12.2020 with 4,579,341 shares outstanding. The NAV currently mainly consists of cash or cash-equivalents (EUR 13.4 million). Although the real estate portfolio is still in the process of being built, the company currently expects a pre-tax profit of more than EUR 1 million and increasing NAV to be achieved in 2021 mainly due to a stable capital markets environment.
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