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Executive summary

• Transitioned from a stabilisation strategy to a Managed Wind-Down after failing to secure refinancing, with the objective to sell all assets and return cash to shareholders after debt repayment.

• Sold 522 properties during FY25 for £97.0m, reducing the portfolio to 853 properties valued at £154.9m, down from £265.4m in FY24.

• Loss before tax increased to £30.6m (FY24: £25.2m), driven by realised losses on disposals, property devaluations, and high operating and legal expenses.

• All outstanding borrowings and deferred fees were repaid by December 2024, with unrestricted cash balances at £9.6m as of 31 August 2025.

• No dividends were paid for FY25.

Financial highlights

• Net asset value (NAV) per share fell 16% to 20.38p (FY24: 24.25p); total NAV decreased from £191.7m to £161.1m.

• Rental income dropped to £20.7m (FY24: £41.4m); net rental income was £21.4m after impairment and provisions.

• Operating expenses totaled £11.3m; general and administrative expenses were £17.9m, including £5.3m legal and £5.2m investment manager fees.

• Realised loss on property disposals was £5.9m; fair value decrease in investment property was £11.0m.

• Loan-to-value ratio reduced to 0% after full debt repayment (FY24: 35.3%).

Outlook and guidance

• In exclusivity with Patron Capital for the sale of ~700 properties; remaining assets expected to be sold at auction in H1 2026.

• Uncertainty remains regarding timing and quantum of capital returns due to ongoing litigation and regulatory investigations.

• No further investments or new borrowings planned; focus is on asset realisation and minimising disruption to vulnerable occupiers.