Half Year Report and Accounts for the six months ended 30 September 2012.

Performance Summary

* Revenue £11.3million (September 2011: £13.9million).

* Total loss before income tax £15.5million (September 2011: £15.1million loss).

* September quarter day cash collection remains at or above 98% within 28 days.

Key Business Events

* Consensual appointment of joint fixed charge receivers in Warner Estate Investments Limited and Warner Estate Development (Folkestone) Limited, to dispose of certain secured property assets to maxmise the return to the lender.

* Disposal of 50% equity interest in Agora Shopping Centres Limited, completing the divestment programme of the Group