Q3 2016 Quarterly Report and EGM notification for the underlying fund of P27 FPIL Glanmore Property Fund

07 November 2016

We have received the 3rd quarterly report for 2016 from The Glanmore Property Fund Limited (“Glanmore”) for the underlying fund into which P27 FPIL Glanmore Property Fund invests.

The key points from the latest Glanmore report are:

“The Fund’s share price decreased on the previous quarter by 2.0% from £2.967 to £2.907. This was due to a £0.2m loss from sales against the June Quarter’s valuation, a £0.2m P&L loss on the quarter and a decline in the value of the remaining properties of £0.4m, net of capex spent. For the twelve months to 30 September 2016 the share price has increased by 5.2%.

Following the decision by the Board to wind up the Fund, the strategy has been to sell the remaining properties. During the quarter, two properties (proceeds £12.9m) were sold. This leaves the Fund with two properties remaining, one of which is contracted to be sold by the end of October this year and the other is being marketed.

The Directors will convene an extraordinary general meeting (“EGM”) in November where Shareholders will be asked to approve the winding up and the appointment of a liquidator.”

Please note the EGM is due to be held on Tuesday 29 November 2016, which is in order to facilitate the winding up of the underlying Glanmore Property Fund.

The P27 FPIL Glanmore Property Fund remains suspended until further notice and we will keep you informed of any further news from Glanmore, as and when it is made available.

A copy of The Glanmore Property Fund Limited 3rd quarterly report for 2016 is available on request.

Should you have any questions regarding this update, please contact International Funds & Investments.