Q1 2016 Quarterly Report for the underlying fund of P27 FPIL Glanmore Property Fund
19 May 2016
We have received the 1st 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 2.45% from £3.067 to £2.992. The decline is due to the increase in UK Stamp Duty Land Tax charges announced in the March Budget and provisions made by the Board for the cost of disposing the Fund’s remaining properties as part of the winding down process. For the twelve months to the end of March 2016 the share price has increased by 12.95%.
Following the decision by the Board to wind up, the properties are being prepared for sale. The marketing of the remaining properties will commence during the second quarter of this year.”
Please note we are not anticipating receiving any payment from Glanmore before the end of quarter one of 2017 at the earliest. 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 1st quarterly report for 2016 is available on request.
Should you have any questions regarding this update, please contact International Funds & Investments.