Shares in the health property investment firm AH Medical Properties have jumped by 9% to 35p after the business received yet another unsolicited approach for its operations. In a brief statement the company said the current bid was separate to the one received in February 2010, before issuing the stock market phrase that, “there was no certainty that an offer would be forthcoming.”

We view this is an unsurprising move considering the firm’s excellent trading. A set of superb results for the year to 30th April 2010 showed a 50% increase in earnings per share to 1.8p, a 0.75p final dividend, and a 50% increase in adjusted net asset value to 42.8p. Previously, the firm has spoken of its intention to become a Real Estate Investment Trust and move onto the Main Market in order to improve the liquidity in its shares and thereby narrow the gulf between its share price and net asset value. The firm described these plans as being a “priority” and until it addresses this issues we believe it will remain a takeover target.

At a mid-price of 35p AH Medical Properties is capitalised at £23 million. In light of the firm’s impressive recent results and the continuing valuation anomaly there is definitely value in the shares. But amidst the uncertainty of the bid situation our stance can only be hold.