TMR Capital (PTC) Limited's View on the Announced Sale of The Restaurant Group
TMR Capital (PTC) Limited ("TMR") notes the Restaurant Group Limited (the "Company") announcement of October 12, 2023, and the sale of the Company at 65 p/share subject to any approvals required, including shareholder approval.
TMR believes the sale figure significantly undervalues the Company. We believe, in our opinion, that, on a present value basis, the Company's value exceeds 80 p/share. TMR believes the Company should sell the pub portfolio and all other non-core assets to pay down debt, reduce overhead costs significantly, and focus on Wagamama as outlined in our press release dated 27 July 2023.
About TMR
TMR is a BVI based family office with investment activities in both North America and Europe. TMR concentrates in equities, fixed income, real estate (including healthcare) and the hospitality sectors (food/beverage, hotels, leisure). It is in parallel a value-added investor focusing on companies which need restructuring and repositioning as well as providing specialist management and directors as required. More information about TMR is available at https://www.tmrcapitalptc.com.
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