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Since 2009, Rugby Estates has been winding down its business and, including the 160p per share paid in October 2013, has now returned £53.5 million in cash to shareholders. Following shareholder approval, the Company’s shares ceased to be traded on AIM on 17 June 2013 and the Company re-registered as a private limited company on 28 August 2013. The Company and its subsidiaries are managed on a part-time basis by the Directors and now has no dedicated office or permanent staff. The Directors continue to work towards the ultimate solvent liquidation of the Company. This involves, inter alia, realisation of two properties, including a residential development site near Bridgwater, Somerset where remediation of contaminated land needs to be completed before a sale to a developer can be concluded. The Group has been an active property trader, developer and asset manager for over twenty years and there remain a number of matters to be resolved before the Company’s subsidiaries can all be dissolved in preparation for the liquidation of the Company. Accordingly, the amount and timing of final payments to shareholders remains uncertain.