Investment policy

The Company’s investment objective is to conduct an orderly realisation of the assets of the Group.

The assets of the Group will be realised in an orderly manner, returning cash to Shareholders at such times and in such manner as the Board may, in its absolute discretion, determine. The Board will endeavour to realise all the Group’s investments in a manner that achieves a balance between maximising the net value received from those investments and making timely returns to Shareholders.

The Group may not make any new investments save that:

1. investments may be made to honour commitments under existing contractual arrangements or to preserve the value of the underlying property security; and
2. cash held by the Group may be invested in quoted bond and other debt instruments with a final maturity of less than 365 days as well as money market funds for the purposes of cash management provided any such instrument has a minimum credit rating.

The Group may utilise borrowings from time to time to finance its working capital requirements provided such borrowings will not exceed an amount equal to 20% of the Group’s Net Asset Value immediately following the drawdown of the borrowings.

The Group will continue to comply with the restrictions imposed by the Listing Rules in force from time to time.

Any material change to the Company’s published investment policy will be made only with the prior approval of Shareholders by ordinary resolution at a general meeting of the Company.