Merlin Trust - Update July 2020

6th July 2020

The buyers for the assets held in the Merlin Trust have today shown proof of payment of the July option fee, exactly on schedule.

Further to this, the CEO of the buyers contacted us today to confirm that actions to conclude the final purchase of the assets are progressing and they hope to complete them prior to the annual holidays in Spain which makes business in August difficult to conclude. If that is not possible then they expect completion to take place immediately after the return from holidays. We have been promised a further update next week.

Whilst a defining factor on the actual value remains the exchange rates at the time of the transaction, if the sale had concluded on the 30th June 2020 the estimated amount per share would be £1,492.