Carpathian, the Aim-listed central and eastern European property investment company, is considering a sale of its business as part of a wider strategic review caused by its deeply discounted trading price to asset value.

The company was previously managed and partowned by Dawnay Day, the property and financial services group that went into administration this summer.

Yesterday Carpathian said it had appointed Hawkpoint Partners as financial adviser to undertake a strategic review, which will consider 'all alternatives available to maximise value for shareholders'.

The company said that this included a possible sale “at a time when Carpathian’s shares trade at a significant discount to the published net asset value of the group”.

Shares in the company began trading yesterday at 23p, a discount to net asset value of more than 80% to its last stated NAV per share of 133.8p, although they rose 2.5p to close the day at 24.5p.

Financial Times, The Times