Final Results
Pathfinder Properties PLC
21 June 2002
CHAIRMAN'S STATEMENT
The Year under Review
2001 has been an unusual, indeed difficult, year caused partly by the corporate
consolidation and partly as a result of the cyclical nature of our business,
where we are developing properties which take a number of years to reach
maturity. What the financial statements do not, and cannot, reflect however are
the intrinsic gains in asset values achieved through the work we have carried
out on our projects throughout the year. Therefore the results for the year
should be viewed in this context.
The Group suffered a loss before taxation for the year of £1,271,000 compared
with a profit of £1,366,000 for the previous year. This loss has arisen as a
result of a number of factors:
• the Company's offer last year to acquire the whole of the issued share
capital of Pathfinder Recovery 2 PLC lapsed, and this resulted in a significant
level of abortive costs;
• costs have been incurred relating to proceedings issued against the
Company's subsidiary, Pathfinder Recovery 1 PLC, by Pathfinder Recovery 2 PLC,
which have now been settled, and the consequent unwinding of joint venture
interests;
• administrative expenses now include full management costs, a significant
element of which were previously treated as cost of sales or capitalised into
the value of stock or fixed assets; and
• the Group's major developments are in their early stages and holding
costs such as interest are being expensed to the profit and loss account.
Corporate Acquisitions
In April 2001, in order to gain control of our major joint venture developments,
we made offers for Pathfinder Recovery 1 PLC and Pathfinder Recovery 2 PLC on
the basis of a like-for-like share exchange, with a limited cash alternative.
In the light of surveys carried out by the Boards of those companies which
showed a strong interest by their shareholders in continuing with their
involvement in our joint schemes, and the clear synergies that would have arisen
from the pooling of our interests, we had every reason to believe that the
offers would be successful. In the event, they proved to be much more difficult
and expensive than anticipated. Our increased cash offer for Pathfinder
Recovery 1 PLC ultimately received acceptances from 95% of its shareholders but
we were not able to increase our cash offer to the shareholders in Pathfinder
Recovery 2 PLC and that offer lapsed.
The acquisition of Pathfinder Recovery 1 PLC achieved our aim of obtaining a
majority stake in the Merchant Village, Glasgow, and River Quarter, Manchester.
This will make it very much easier for us to negotiate with funding,
construction and joint venture partners in the future.
Reorganisation of Joint Ventures and Settlement of Litigation
Your Group obtained, as a result of the Pathfinder Recovery 1 PLC acquisition, a
50% interest in the joint ventures between Pathfinder Recovery 1 PLC and
Pathfinder Recovery 2 PLC. Our hope and expectation was that the Board of
Pathfinder Recovery 2 PLC would join with us to dispose of those assets over
time as the various ventures came to fruition. They chose instead to issue
legal proceedings to force an early conclusion to certain of those joint venture
operations which we had to defend. After an arduous and difficult process
of negotiation, I was pleased that, in May 2002, we reached both a successful
settlement of the litigation and an agreement to provide a clean break between
the two companies' joint ventures.
Dividend
In view of the losses for the year, the Board believes that it is prudent not to
recommend a final dividend for the year ended 31 December 2001. An interim
dividend of 0.15p per share was paid in October 2001.
The Team and the Future
This is my first annual report as Chairman of the Group, having been appointed
to the Board on the retirement of Sir Christopher Leaver on 25 March 2002. I
would like to take this opportunity of thanking Sir Christopher for all his hard
work on behalf of the Company during his Chairmanship and to wish him well for
the future. Since the year end we have also bid farewell to Simon Dawkins,
welcomed Claire O'Connor on the Board and appointed Alastair Cunningham as head
of property. Both the Board of Directors and the Group's staff have put in a
considerable amount of hard work during an exceptionally difficult year and I
thank them all for their efforts. I believe that this year will, in the
future, be seen to have been a step change in the Group. I look forward to the
opportunities and challenges which await us in the coming year.
John Parry
21 June 2002
PROFIT AND LOSS ACCOUNT
for the year ended 31 December 2001
Notes Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
TURNOVER
Group and share of joint ventures 4 4,612 8,709
less share of joint ventures (4,085) (4,115)
Group turnover 527 4,594
Cost of sales (422) (3,567)
Gross profit 105 1,027
Administrative expenses 5 (1,803) (518)
(1,698) 509
Other operating income 146 227
Share of profits in joint ventures and associates 718 704
OPERATING (LOSS)/ PROFIT 4 (834) 1,440
Loss on sale of investment properties (128) (10)
(962) 1,430
Interest receivable 290 138
Interest payable (599) (202)
(LOSS)/PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION (1,271) 1,366
Taxation Group 222 (218)
Associates (21) (175)
(LOSS)/PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION (1,070) 973
Minority interests 97 (221)
(LOSS)/PROFIT ON ORDINARY ACTIVITIES
ATTRIBUTABLE TO MEMBERS (973) 752
Ordinary dividends 6 (119) (457)
Retained for the year 10 (1,092) 295
(Loss)/Earnings per share 15 (1.30p) 1.07p
The operating loss/profit arises from the Group's continuing operations.
A note of profits and losses on a historical cost basis is given in note 7.
A statement of total recognised gains and losses for the year is given in
note 12.
BALANCE SHEET
31 December 2001
Notes 31 Dec 2001 31 Dec 2000
£'000 £'000
FIXED ASSETS
Intangible fixed assets 136 -
Investment properties 47 1,575
Investment in joint ventures 8
Share of gross assets 10,560 10,545
Share of gross (4,893) (1,567)
liabilities
5,667 8,978
Other Investments 152 -
6,002 10,553
CURRENT ASSETS
Work-in-progress 21,824 595
Debtors 866 924
Cash at bank 2,519 6,142
25,209 7,661
CREDITORS: Amounts falling due within one year 9 (12,452) (3,347)
NET CURRENT ASSETS 12,757 4,314
TOTAL ASSETS LESS CURRENT LIABILITIES 18,759 14,867
CREDITORS: Amounts falling due after more than one year
Bank and other loans (2,084) -
PROVISIONS (108) (140)
16,567 14,727
MINORITY INTERESTS (1,764) (102)
14,803 14,625
CAPITAL AND RESERVES
Called up share capital 7,975 7,034
Share premium account 1,946 1,617
Merger reserve 2,494 2,494
Revaluation reserve - 501
Profit and loss account 10 2,388 2,979
14,803 14,625
Net assets per share attributable to ordinary shareholders 18.56p 20.79p
CASHFLOW STATEMENT
for the year ended 31 December 2001
Notes Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
NET CASH (OUTFLOW) / INFLOW
FROM OPERATING ACTIVITIES 13 (2,022) 4,376
RETURNS ON INVESTMENTS AND SERVICING
OF FINANCE
Interest received 242 168
Interest paid (227) (88)
Net cash inflow from returns on investments and
servicing of finance 15 80
TAXATION
Corporation tax paid (283) (1,136)
CAPITAL EXPENDITURE AND FINANCIAL
INVESTMENT
Receipts from sales of investment properties 1,859 1,460
Receipt from sale of shares - 107
Purchase of investment properties - (200)
Net cash inflow from capital expenditure and financial
investment 1,859 1,367
ACQUISITIONS AND DISPOSALS
Purchase of subsidiary undertaking (6,142) -
Net cash acquired with subsidiary undertaking (140) -
Investments in joint ventures (502) (839)
(6,784) (839)
EQUITY DIVIDENDS PAID (471) (369)
FINANCING
Debt due within a year:
Loans drawn down 5,982 -
Loans repaid (4,003) -
Debt due in more than one year:
Loans drawn down 2,084 -
Loans repaid - (900)
4,063 (900)
(DECREASE)/INCREASE IN CASH 14 (3,623) 2,579
NOTES
1 BASIS
The figures shown for the year ended 31 December 2001 are unaudited and do not
constitute statutory financial statements within the meaning of the Companies
Act 1985. The financial statements for the year ended 31 December 2000 have been
reported on by the Company's auditors and delivered to the
Registrar of Companies. The report of the auditors was unqualified and did not
contain a statement under s.237(2) or (3) of the Companies Act 1985.
2 ACCOUNTING POLICIES
The accounting policies adopted are consistent with those applied inprevious
years.
3 ACQUISITION OF PATHFINDER RECOVERY 1 PLC
On 6 June 2001 Pathfinder Properties PLC acquired Pathfinder Recovery 1 PLC
pursuant to an Offer dated 9 April 2001. On the expiry of the Offer 95.4% of the
ordinary share capital of Pathfinder Recovery 1 PLC had been so acquired.
The consideration comprised the issue of 9,405,712 ordinary shares in Pathfinder
Properties PLC shares and £6,142,000 in cash and related costs. Assets and
liabilities acquired were revalued on acquisition.
4 SEGMENTAL ANALYSIS
Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
Turnover:
Development 4,585 8,613
Investment 27 96
4,612 8,709
Operating profit/(loss)
Development 979 1,992
Investment (104) (95)
875 1,897
Common costs (1,709) (457)
(834) 1,440
5 PROFIT BEFORE TAXATION
Administrative costs include, and profit before tax is after deducting, costs
of £223,000 relating to the lapsed offer for Pathfinder Recovery 2
PLC in the year and £564,000 in connection with the settlement of the
legal action brought by Pathfinder Recovery 2 PLC and the unwinding of the joint
ventures between the two companies.
6 DIVIDENDS ON ORDINARY SHARES
Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
Interim dividend - 0.15p (2000 - 119 106
0.15p) per share
Final dividend - Nil (2000 - 0.5p) per - 351
share
119 457
7 NOTE OF HISTORICAL COST PROFIT AND LOSSES
Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
(Loss)/profit on ordinary activities before taxation (1,271) 1,366
Realisation of revaluation gains of previous years 647 724
(624) 2,090
8 INVESTMENT IN ASSOCIATES AND JOINT VENTURES
The Investment in Associates and Joint Ventures at 31 December 2001 comprises
the Group's 50% interests in Excelmode Limited and Pathfinder Recovery Ventures
which are developing properties at 25 Church Street, Manchester, and Tib Street,
Manchester. Pathfinder (River Quay) Limited and Pathfinder (Scotland) Limited,
which were previously shown as associates and joint ventures, became subsidiary
companies during the period as a result of the acquisition of Pathfinder
Recovery 1 PLC. The interest in Pathfinder Recovery Ventures Limited was
acquired as a result of the same acquisition.
9 CREDITORS DUE WITHIN ONE YEAR 31 Dec 2001 31 Dec 2000
£'000 £'000
Bank loans and overdrafts 4,245 500
Other development loans 5,212 -
Other creditors and accruals 2,995 2,847
12,452 3,347
Other development loans comprise loans from third parties for property
development. These loans are repayable on or after the sale or
refinancing of the property developments to which they relate.
10 PROFIT AND LOSS ACCOUNT
Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
Brought forward 2,979 2,165
Transfer from revaluation reserve 501 519
Retained (loss)/profit for the year (1,092) 295
Carried forward at end of year 2,388 2,979
11 SHAREHOLDERS' FUNDS
Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
Brought forward 14,625 14,295
Shares issued in the year 1,270 -
Retained (loss)/profit for the year (1,092) 295
Other recognised gains relating to the year - 35
Carried forward at end of year 14,803 14,625
12 STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
(Loss)/ profit for the year attributable to members (973) 752
Deferred taxation on revaluation of investment properties - 35
Total recognised gains and losses relating to the year (973) 787
13 RECONCILATION OF OPERATING PROFIT TO OPERATING CASH FLOWS
Year ended Year ended
31 Dec 2001 31 Dec 2000
£'000 £'000
Operating (loss)/profit (834) 1,440
Depreciation and amortisation - 29
Share of profits in joint ventures and associates (718) (704)
Other income - (79)
(Increase)/decrease in work-in-progress (1,188) 2,184
Decrease/(increase) in debtors 1,824 411
(Decrease)/increase in creditors (1,200) 1,095
Increase in general provisions 94 -
(2,022) 4,376
14 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Year ended
31 Dec 2001
£'000
Decrease in cash in the year (3,623)
Debt acquired with subsidiary undertakings (338)
Debt included on reclassification of associated undertakings to
subsidiary undertakings (12,292)
Net debt drawn down (61)
Movement in net debt in year (16,314)
Net cash at 1 January 2001 5,642
(10,672)
15 EARNINGS PER SHARE
The loss/earning per ordinary share are based on the loss after taxation and
minority interests and on 74,654,876 (31 December 2000: 70,339,716) ordinary
shares, being the weighted average number of ordinary shares in issue during the
year. There is no difference between earnings per share and earnings per share
calculated on a fully diluted basis.
A copy of this statement is being sent to allshareholders and further copies
may be obtained from the company by writing to Pathfinder Properties PLC,
Capital House, Michael Road, London SW6 2YH or from the FT Free
AnnualReports Service, details of which can be found in the Financial Times.
For further information, contact:
Malcolm Bacchus, Director Tel: (020) 7736 9669
Andrew Marshall, Marshall Robinson Roe Tel: (020) 7489 2033
OPERATING AND FINANCIAL REVIEW
Operations
The Group has moved steadily ahead during the current year with its major
development projects.
Planning permission was granted during the year for the whole of the 770,000 sq.
ft. scheme at the Merchant Village development in Glasgow and for the first of
four phases of the River Quarter development in Manchester - both projects in
which the Group had a 65% interest at the year end. This means that we now have
planning consent to develop some 552 apartments and 256,000 sq. ft. of
commercial space within the Group. A planning application was also submitted in
July 2001 in respect of a 111,000 sq. ft. commercial scheme at Tib Street,
Manchester, through a 50% joint venture interest acquired with Pathfinder
Recovery 1 PLC. This scheme received planning consent in February 2002.
These achievements added considerably to the value of the Group. However since
all indirect and holding costs on developments are expensed to the profit and
loss account until development commences on site, and we do not account for
value increases until the underlying projects are sold, the results for the year
show a marked downturn in reported profitability without showing any increase in
Group net asset value attributable to the work done during the year. This
cyclical profitability is an inevitable result of the time it takes for large
schemes to come to fruition.
Results
Turnover for the year arises principally from sales at 25 Church Street,
Manchester, and its adjoining site at 35 High Street, where all remaining units
were sold during the year. These sales arose in our joint venture company,
Excelmode Limited, and the profit arising is therefore reported as 'share of
profits in joint venture companies' rather than in 'gross profit'. Turnover also
includes the sale of a 50% interest in a property in Clyde Street, Glasgow,
which was sold soon after its acquisition as part of Pathfinder Recovery 1 PLC.
Group turnover also includes fees received for management services provided to
certain joint ventures amounting to £500,000 (2000 - £110,000).
Total turnover for the year amounted to £4,612,000 compared to £8,709,000 for
2000, reflecting the early stages of most of our existing developments.
Profits from trading, development and sales of properties, including our share
of our joint ventures' profits, amounted to £979,000 (2000 - £1,992,000).
The Board took the opportunity during the year to dispose of the majority of the
Group's residential investment properties which remained from earlier years.
These were management intensive and could not be easily redeveloped. A loss of
£128,000, comparing sales price with previous carrying value, arose on these
disposals. Had these sales been recorded at historical cost the Group would have
recorded a profit on disposal of £519,000. The Board has reviewed the
recoverability of the Group's outstanding debts on its residential portfolio and
its exposure to any residual liabilities following these sales. As a result of
the above review and as a result of the reduction in rental income as the
portfolio was sold, operating losses have been incurred on investment property
activities amounting to £104,000 (2000 - £95,000).
Administrative expenses during the year were £1,803,000 compared with £518,000
for 2000. The increase includes two significant one off costs:
• £223,000 relating to the unsuccessful offer to acquire Pathfinder Recovery 2
PLC and
• £564,000 relating to , and associated with, Pathfinder Recovery 2 PLC's
actions against the Group and certain of its Directors following that offer,
including a provision for the costs of the settlement which has taken place
since the year end, and the restructuring with regard to joint ventures.
Administrative expenses for the year also include:
• seven months' costs relating to Pathfinder Recovery 1 PLC since its
acquisition and
• a full year of operational cost overheads compared with only five months in
the previous year: prior to August 2000, certain administrative costs paid as
fees to third party managers were capitalised and not treated as overheads .
After other operating income of £146,000 (2000 - £227,000), comprising
principally rents from development sites, the operating loss for the year
amounted to £834,000 (2000 - profit £1,440,000).
Net interest costs have risen principally as a result of the consolidation of
Pathfinder (Scotland) Limited, which owns the Merchant Village development, and
its borrowings following the acquisition of Pathfinder Recovery 1 PLC. Taking
all these matters into account, there was a loss before tax of £1,271,000
compared with a profit of £1,366,000 for the preceding year and a loss on
ordinary activities after taxation for the year of £1,070,000 (2000 - profit
£973,000).
Dividend
An interim dividend of 0.15p per share was paid on 31 October 2001. No final
dividend has been proposed.
Net Assets
The Group's reported assets and liabilities both increased significantly during
the year: gross assets increasing from £18,214,000 to £31,211,000 and gross
liabilities increasing from £3,487,000 to £14,644,000. Both effects arise
principally as a result of the inclusion into the Group's balance sheet of the
Merchant Village and River Quarter projects following the acquisition of
Pathfinder Recovery 1 PLC which has a 15% interest in those projects. As a
result, Pathfinder Properties PLC, which directly holds 50% interests, gained
control of the relevant operating companies concerned and 100% of their assets
and liabilities, as well of those of Pathfinder Recovery 1 PLC, have been
incorporated into the Group balance sheet at 31 December 2001.
Net assets per share, as reported in the financial statements, have fallen from
20.79p at 31 December 2000 to 18.56p per share at 31 December 2001. As discussed
above, net assets per share, whilst reflecting losses for the year, do not
reflect any increase in value attributable to work done on our existing projects
during the course of the year.
Borrowings and Cash Flow
The Group's financing requirements relate mainly to the funding of property
development. Loan and overdraft facilities are arranged as necessary with a
number of banks aimed at meeting development finance requirements on a cost
effective basis. The Board regards the main financial risks facing the Group as
liquidity risk and interest rate risk. Liquidity risk is managed by balancing
bank financing with internally generated funds and joint venture finance and
seeking to match loan periods with the expected planning and development cycle
of the properties being developed.
Interest rate risk is monitored by the Board and considered in relation to the
length and level of borrowing required. At 31 December 2001 all development
finance from banks was at variable rates.
£2,524,000 was spent during the year on operating activities and joint venture
operations and a net £6,142,000 on the acquisition of Pathfinder Recovery 1 PLC.
This expenditure was sourced through the receipts of £1,859,000 from the sale of
investment property, from additional loan draw downs of £4,063,000 and from cash
and bank deposits which accordingly reduced from £6,142,000 to £2,519,000 at 31
December 2001.
Balance sheet borrowings have risen from £500,000 to £13,191,000 in the year,
the majority of this increase arising from the major developments coming 'on-
balance sheet' as described above. Of those borrowings, £5,212,000 (2000: £Nil)
relates to loans from our joint venture partners which are repayable at the
earliest on the sale or refinancing of the underlying developments, are interest
free, and should be regarded as 'quasi-equity' in those projects. The net
debt/equity ratio at 31 December 2001 was 0.72 : 1 (2000 - Nil).
Events since the Year End
On 30 May 2002, the Group announced the successful conclusion to talks between
Pathfinder Recovery 1 PLC, a group company, and Pathfinder Recovery 2 PLC in
respect of certain joint ventures between those companies and in respect of
certain claims made by Pathfinder Recovery 2 PLC against Pathfinder Recovery 1
PLC.
The principal terms of the agreement reached were as follows:
• Pathfinder Recovery Ventures Limited, previously 50% owned by each of
Pathfinder Recovery 1 PLC and Pathfinder Recovery 2 PLC, becomes a wholly owned
subsidiary of Pathfinder Recovery 1 PLC;
• the Group increases its interest in its major development sites at Merchant
Village and River Quarter from 65% to 80% for deferred consideration, in each
case of £475,000;
• Pathfinder Recovery Ventures Limited disposes of its interest in its site at
Tib Street, Manchester.
• all outstanding indebtedness due to Pathfinder Recovery 2 PLC from the Group
following the agreement, amounting to £2,605,000, and the deferred
consideration, referred to above, becomes repayable by May 2004; and
• All litigation ceases.
Costs relating to the claim and its settlement have been accrued for in the
financial statements for the year ended 31 December 2001. The disposal of
Pathfinder (Tib Street) Limited gives rise to a small profit in the Group which
will be accounted for in the year ending 31 December 2002.
PROPERTY REVIEW
Merchant Village, Glasgow
Work-in-progress
65% owned through Pathfinder (Scotland) Limited
The Merchant Village comprises over 770,000 gross sq. ft. of development space
in the centre of Glasgow's historic Merchant City area.
Planning consent was received during the year for a mixed-use development
comprising 353 apartments, 207,000 sq. ft. of net lettable retail and leisure
space and 30,000 sq ft of offices. Contracts are under negotiation with both
construction companies and joint venture partners to enable the development to
be built and sold either in a single phase or four related phases.
River Quay, Castlefield, Manchester
Work-in-progress
65% owned through Pathfinder (River Quay) Limited
The site comprises 3.25 acres within 15 minutes walk of the city centre adjacent
to the River Medlock. Phase 1 of the site comprises 139,000 sq. ft. of net
residential accommodation in 199 apartments, together with parking and 19,500
sq. ft. of commercial space.
Committee approval for this phase was received from Manchester City Council in
May 2001, with full approval granted in December 2001. The Masterplan, which
sets the overall density of the site, was approved in principle at the same time
and approval has also been received during the year for the river frontage
treatment which is integral to the scheme.
Planning has been submitted for Phase 2 which comprises a single glazed building
around a central open space accommodating a further 191 apartments and 19,500
sq. ft. of retail space and it is hoped that a decision on this phase will be
made within the near future.
Design work has commenced on Phase 3 which will predominantly comprise an office
development. A further phase can also be incorporated on the site.
Northern Quarter, Manchester
Work-in-progress
60% owned through Crannon Limited
One site, in Back Turner Street, remains for development or sale from the
Group's Manchester Northern Quarter portfolio. Following the rejection of our
original scheme for this site, a revised planning application for 20 apartments
with a 700 sq. ft. retail unit on the ground floor has been submitted. It is
expected that this application will be considered by the City Council during
Summer 2002.
Loch Lomond Factory Outlets, Alexandria
Joint ventures and associates
75% owned through Pathfinder (Loch Lomond) Limited
Located close to Alexandria Town Centre, this 41,000sq ft retail site, is
proposed to be expanded and redeveloped as a major factory outlet retail centre.
A 50% interest in this property was acquired in February 2001; our joint venture
partner being Pathfinder Recovery Ventures Limited. Following the acquisition of
a 50% stake in that company in June 2001 through Pathfinder Recovery 1 PLC, the
Group now has a 75% interest in the development.
It is anticipated that a planning application to extend significantly the amount
of retail space available will be submitted shortly.
Newark
50% acquired since the year end in joint venture
Since the year end, our 50% owned joint venture in Newark has exchanged
contracts for the acquisition of four sites which cover 6.5 acres on the edge of
the town centre. The site contains a substantial Victorian Brewery building and
has potential for redevelopment as approximately 120,000 sq. ft. of new and
refurbished retail space or as new and converted residential accommodation.
Properties sold since the year end
Tib Street, Manchester
Joint ventures and associates
50% owned through Pathfinder (Tib Street) Limited
The Group's interest in this development was acquired with Pathfinder Recovery 1
PLC as a joint venture with Pathfinder Recovery 2 PLC. Planning permission was
achieved since the year end for 111,000 sq. ft. of net office space and 14,000
sq. ft. of ground floor retail. The development company has since been sold to
Pathfinder Recovery 2 PLC as part of the settlement agreement between the joint
venture parties.
Properties sold during the year
25 Church Street, Manchester
Joint ventures and associates
50% owned through Excelmode Limited
The remaining 16 apartments and the freehold investment in this site have been
sold during the year. The complete development has now been sold with property
sales having exceeded £15 million.
38 High Street, Manchester
Joint ventures and associates
50% owned through Excelmode Limited
A planning application on this site was approved in January 2001 and the site
was subsequently sold for £1,400,000 without development in order to reduce the
Group's overall investment in the Manchester market.
Clyde Street, Glasgow
Joint ventures and associates
50% owned through Pathfinder (Clyde Street) Limited
A 50% interest in this site, covering 0.2 acres on the Glasgow waterfront, was
acquired with Pathfinder Recovery 1 PLC in joint venture with Pathfinder
Recovery 2 PLC. The site was sold by the joint venture vehicle, Pathfinder
Recovery Ventures Limited, in December 2001 for £1,275,000.
Investment property portfolio
All eight remaining investment properties owned by Pathfinder Properties PLC,
and a single unit acquired with Pathfinder Recovery 1 PLC, were sold during the
period. The Group has remaining residual freehold and long leasehold
reversionary interests which will be sold as the opportunity arises.
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