Wyevale Garden Centres has detailed a #32 million rise in the value of its sites in the latest round in the battle for control of the Herefordshire-based group.
The company, Britain's largest garden centre operator, said its 114 centres were worth closer to #265 million than the #233 million stated in July.
The announcement came just four days before shareholders vote on rebel player Laxey Partners' proposal to remove chairman David Williams.
Wyevale said an independent formal valuation of its property portfolio by CB Richard Ellis valued the 114 sites at #265 million, excluding the Wyevale head office property at Hereford.
This compares to a figure of #233 million announced on July 13 following an initial review and a carrying value in the balance sheet of #222 million on January 2.
The company said it was looking to market the potential for higher alternative use values in certain locations as well as raising funds by selling off of its 28 smaller sites.
Wyevale director Andrew Lewis-Pratt said: "CBRE's conclusion confirms the board's consistently stated view that the key opportunity available to enhance value for all Wyevale shareholders stems from more intensive use of our sites through higher performance retailing, not from break-up, 'sale and leaseback' or large scale redevelopment of sites."
Laxey, which is Wyevale's largest shareholders with 28 per cent, wants to replace Mr Williams with Robert Ware, the former deputy chief executive of property company MEPC.
Shareholders will vote on the resolution at an extraordinary general meeting in London on Monday.
The Wyevale board is recommending shareholders vote against Laxey's motion. It is also continuing to investigate several takeover approaches.