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Executive summary

• Interim results cover the period from 1 September 2024 to 28 February 2025, during which the group focused on stabilising its financial condition and then shifted to a managed wind-down strategy to realise assets and return capital to shareholders.

• The New Investment Policy, approved on 16 September 2024, aims for an orderly sale of all assets, repayment of borrowings, and subsequent capital return to shareholders.

• All outstanding financial reports have been published, and the company will apply for restoration of its listing on the London Stock Exchange.

Financial highlights

• Net asset value (NAV) per share decreased by 8.2% to 22.25p as at 28 February 2025 (31 August 2024: 24.25p).

• Loss before tax for the six months to 28 February 2025 was £15.8 million (HY24: £8.8 million loss; FY24: £25.2 million loss).

• 515 properties sold for gross proceeds of £96.1 million during the period, reducing the portfolio from 1,375 to 860 properties.

• All outstanding borrowings (£93.8 million) and Deferred Fees (£9.0 million) were repaid during the period.

• Unrestricted cash balances increased to £13.0 million (31 August 2024: £6.2 million).

• No dividends were paid for the period.

Outlook and guidance

• The group will not make further real estate acquisitions; focus is on asset disposals and capital return.

• On 2 March 2026, the group exchanged on the disposal of 706 properties for £123.0 million, expected to complete by 1 April 2026.

• Remaining asset sales are expected to conclude in the first half of 2026.

• The timing and quantum of capital returns to shareholders remain uncertain due to ongoing litigation and regulatory investigations.