Transactions over the twelve months to Oct 2009 have been very rare and normally related to disposals by Estates.  These were at a discount of 10% to 15% to the (unaudited) Net Asset Value (NAV).  At the end of Oct 2009 the NAV was about 10 pence.

NAV is subject to market volatility and may change without notice.  Small shareholders have requested to sell their holdings from time to time, the directors or parties associated with them, have upon request purchased shares, at a price agreed with the seller.  Typically such sales have taken place through an off-market transaction, on the completion of a standard stock transfer form.  Items sent through the post are at the shareholder's risk.

Apart from Stamp Duty where applicable, there have been no transaction costs on either side.