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 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."