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Strategic property holdings in the UK.

Rugby Capital is Rugby's direct trading business buying and selling properties throughout the United Kingdom. These assets are usually income producing where enhancements can be made to improve the return or to re-position the asset in the market place and are sourced from all sectors. Rugby Capital's directly-owned property portfolio was valued as at 31 January 2009 at £46 million. Those properties are intended to be realised over the 5 year period to 31 January 2014 and the proceeds distributed to shareholders.