TURKISH LAND

The Company owns a plot of land in the Aliaga Heavy Industrial Zone. The land is in a prime coastal location, ideally suited for a larger manufacturing operation.

The area is, however, subject to certain re-zoning and this is taking some time to resolve due to the various interests of the parties involved. We are informed by our lawyers in Turkey that this should be resolved within the next few months which will remove any uncertainty over the land and enable us to obtain full value for it. The Company plans to dispose of this land as soon as it realistically can.

The land was previously used as security for the corporate loan of £4.2m which was repaid from other corporate funds in January 2017.