Keep a close eye on this one it's starting to catch the eye of specialist propery/land investors.

From last trading update.....

"As at 30 June 2009, the Company's unaudited Net Asset Value (adjusted to add back deferred taxation) was EUR 1.25 per share (106p)".

The present SP being 33.5p.

Announcement of Unaudited NAV and Sale Update

UPDATE ON STRATEGIC REVIEW

Further to the announcement by the Company on 13 July 2015, which gave an update on the current trading and Strategic Review of the business, the Company has now received indicative proposals from potential buyers of its property portfolio.

There is no certainty that any transaction will take place; but, if one does, the Board does not expect, in the light of the valuations proposed by the potential buyers, that there will be any material value to return to either ordinary or preference shareholders.

The Company will continue to make announcements as appropriate.

EXTENSION OF STANDSTILL AGREEMENT

Following the Company's announcements on 29 June, 13 July, 20 July and 28 July, and in relation to certain ongoing events of Default with regard to the Mezzanine Loan Facility provided by Blackstone Real Estate Debt Strategies, the Company can now report that the Standstill letter has been extended for an additional period to 18 August 2015.

Ironsides Partners Opportunity Master Fund L.P. Crossing from above 23% to below 16% of outstanding ordinary shares.

I'm in as of last week just to see how it goes.. GLA

Announcement of Suspension of Shares



The Board of the Company announced earlier today that the standstill agreement in relation to certain ongoing events of default with regard to the mezzanine loan facility provided by Islay Investment S.à r.l., an affiliate of Blackstone Real Estate Debt Strategies, ("Islay") had been extended for an additional period to 11 September 2015.

However, notwithstanding the extension of the standstill agreement the Board is now of the view that it is unlikely that there will be any value for distribution to holders of Ordinary Shares or Preference Shares.

The Company has therefore submitted a request to the Financial Conduct Authority ("FCA"), pursuant to Listing Rule 5.3.1, for the suspension of the listings of both the Ordinary Shares and the Preference Shares (the "Suspension"). The FCA has approved the requested Suspension which will take effect immediately.

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END

ANNOUNCEMENT OF ENFORCEMENT OF SECURITY

"Following the Enforcement, although the Company has been released from any further liability under its guarantee and will remain solvent, it expects that there will be no value for distribution to either ordinary or preference shareholders. The Company therefore intends, in due course, to publish a shareholder circular convening an extraordinary general meeting at which shareholder approval will be sought for the de-listing and voluntary liquidation of the Company."