New Risk • Jun 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Market cap is less than US$100m (UK£16.0m market cap, or US$21.2m). Board Change • Jun 11
High number of new and inexperienced directors There are 3 new directors who have joined the board in the last 3 years. The company's board is composed of: 3 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Chair Judith MacKenzie is the most experienced director on the board, commencing their role in 2025. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 25
Ground Rents Income Fund plc Announces Board and Board Committee Changes Ground Rents Income Fund plc announced the appointments of Mike Holt and Sarah Booth as Independent Non-Executive Directors of the Company, with effect from April 22, 2026. These appointments follow the announcement on December 11, 2025 that Katherine Innes Ker and Bill Holland will step down from the Board, currently expected during May 2026. Upon his appointment, Mike Holt will assume the role of Audit and Risk Committee Chair, replacing Bill Holland who will continue to act as a non-executive director until he steps down from the Board. Mike Holt is an experienced executive and non-executive plc director with broad industrial sector expertise and knowledge, including real estate management and services. His executive roles included Finance Director of Global Procurement within Rolls-Royce Plc, Group Finance Director of Vp plc and Chief Financial Officer of Low & Bonar plc, two main market listed companies, and Executive Chair of Real Good Food plc, which was an AIM listed company. Mike Holt was a non-executive director, and Chair of the Audit and Risk Committee, of Schroders Asian Total Return Investment Company plc for nine years between 2014 and 2023. Sarah Booth is a corporate and commercial lawyer having spent her career working in roles in a range of multi-national industries. She has experience in mergers and acquisitions, commercial real estate, capital markets and support services, and latterly was General Counsel and Company Secretary at Hammerson plc. She is presently Chair of Trustees at The Army Benevolent Fund. Mike Holt and Sarah Booth will stand for election at the Company's next Annual General Meeting to be held in 2027. Reported Earnings • Dec 13
Full year 2025 earnings released: UK£0.045 loss per share (vs UK£0.31 loss in FY 2024) Full year 2025 results: UK£0.045 loss per share (improved from UK£0.31 loss in FY 2024). Revenue: UK£5.95m (down 5.4% from FY 2024). Net loss: UK£4.32m (loss narrowed 86% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • Dec 11
Ground Rents Income Fund PLC, Annual General Meeting, Mar 25, 2026 Ground Rents Income Fund PLC, Annual General Meeting, Mar 25, 2026. Location: 1 london wall place, ec2y 5au, london United Kingdom Buy Or Sell Opportunity • Oct 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to UK£0.27. The fair value is estimated to be UK£0.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 63%. Announcement • Sep 17
Ground Rents Income Fund plc Announces Barry Gilbertson Stepping Down as Non-Executive Chairman in December 2025 Ground Rents Income Fund plc announced that Barry Gilbertson has given notice of his intention to step down as Non-Executive Chairman of the Company and from the Board of Directors. Barry will leave the Company at the time of publication of the 2025 Annual Report, which is currently expected during December 2025. The Board has initiated an independent process to identify a new Chair and has appointed headhunters to assist in this process. A further announcement will be made in due course. Buy Or Sell Opportunity • Aug 22
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at UK£0.27. The fair value is estimated to be UK£0.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last 3 years. Earnings per share has declined by 63%. Reported Earnings • Jun 15
First half 2025 earnings released: UK£0.063 loss per share (vs UK£0.21 loss in 1H 2024) First half 2025 results: UK£0.063 loss per share (improved from UK£0.21 loss in 1H 2024). Revenue: UK£3.11m (up 4.5% from 1H 2024). Net loss: UK£6.07m (loss narrowed 70% from 1H 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 39 percentage points per year, which is a significant difference in performance. Board Change • May 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Non-Executive Director Robin Ker was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 25
Victoria Property Holdings Ltd cancelled the acquisition of Ground Rents Income Fund PLC (LSE:GRIO). Victoria Property Holdings Ltd proposed to acquire Ground Rents Income Fund PLC (LSE:GRIO) for approximately £38.3 million on November 18, 2024. A cash consideration valued at £0.34 per share will be paid by Victoria Property Holdings Ltd. Victoria Property announces that it submitted three non-binding indicative offers to the Board of GRIO in November and December 2024, for the entire issued and to be issued share capital of GRIO (the "Prior Offers"). Despite increasing our indicative offers on two occasions, the Board has declined to engage with Victoria Property and rejected each of the Prior Offers. The Board of Victoria Property firmly believes that this is a highly attractive price, which represents a 48.5% premium to the GRIO closing share price of 22.90 pence as at close of business on January 7, 2025, being the latest practicable date prior to the date of this announcement. The Possible Offer implies a valuation of approximately £32.5 million for the entire issued and to be issued share capital of GRIO. It is proposed that the cash consideration payable by Victoria Property pursuant to the Possible Offer Terms would be funded from Victoria Property's available cash resources. As of January 31, 2025, the Board of Directors of Ground Rents Income Fund plc (the "Board") announced that it had received a fourth proposal from Victoria Property Holdings Limited ("Victoria Property"), part of Martin Property Group. This proposal was a non-binding indicative cash offer by Victoria Property to acquire the entire issued and to be issued share capital of GRIO at a price of £0.375 per GRIO share (the "Fourth Proposal"). Since then, the Board has received a fifth non-binding indicative cash offer at a price of £0.40 per GRIO share subject to a number of waivable pre-conditions, including completion of satisfactory due diligence (the "Fifth Proposal").
GRIO shareholders approved the continuation of the Company at an Extraordinary General Meeting. The intention to make an offer for GRIO by Victoria Property to the satisfaction or waiver of a number of customary pre-conditions, including, amongst other things (i) the unanimous and unqualified recommendation of the transaction by the Board of GRIO, (ii) receipt of irrevocable undertakings from the Directors of GRIO, (iii) satisfactory completion of a customary focused confirmatory due diligence exercise on GRIO; and (iv) final approval of the Board of Victoria Property. As of February 5, 2025, in accordance with Rule 2.6(c) of the Code, the Board has requested, and the Panel on Takeovers and Mergers (the "Panel") has consented to, an extension, until 5.00 p.m. (London time) on February 25, 2025.
Fraser Greenshields and Tom Watson of Ernst & Young LLP acted as sole financial advisor to Victoria Property. James Maxwell, Alaina Wong, Sam Butcher and Sam Greatrex of Singer Capital Markets Securities Limited acted as financial advisor to GRIO.
Victoria Property Holdings Ltd cancelled the acquisition of Ground Rents Income Fund PLC (LSE:GRIO) on February 24, 2025. As part of cancellation, the Company is no longer in an "offer period" as defined by the City Code on Takeovers and Mergers (the "Takeover Code") and the disclosure requirements pursuant to Rule 8 of the Takeover Code are no longer applicable. Announcement • Jan 17
Ground Rents Income Fund PLC Auditor Raises 'Going Concern' Doubt Ground Rents Income Fund PLC filed its Annual on Jan 15, 2025 for the period ending Sep 30, 2024. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • Jan 16
Full year 2024 earnings released: UK£0.31 loss per share (vs UK£0.012 loss in FY 2023) Full year 2024 results: UK£0.31 loss per share (further deteriorated from UK£0.012 loss in FY 2023). Revenue: UK£6.11m (up 6.7% from FY 2023). Net loss: UK£29.7m (loss widened UK£28.6m from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Announcement • Jan 15
Ground Rents Income Fund PLC, Annual General Meeting, Feb 13, 2025 Ground Rents Income Fund PLC, Annual General Meeting, Feb 13, 2025. Location: 1 london wall place, ec2y 5au, london United Kingdom New Risk • Jan 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 30% per year over the past 5 years. Minor Risk Market cap is less than US$100m (UK£30.6m market cap, or US$37.9m). Announcement • Jan 08
Victoria Property Holdings Ltd proposed to acquire Ground Rents Income Fund PLC (LSE:GRIO) for approximately £32.53 million. Victoria Property Holdings Ltd proposed to acquire Ground Rents Income Fund PLC (LSE:GRIO) for approximately £32.53 million on November 18, 2024. A cash consideration valued at £0.34 per share will be paid by Victoria Property Holdings Ltd. Victoria Property announces that it submitted three non-binding indicative offers to the Board of GRIO in November and December 2024, for the entire issued and to be issued share capital of GRIO (the "Prior Offers"). Despite increasing our indicative offers on two occasions, the Board has declined to engage with Victoria Property and rejected each of the Prior Offers. The Board of Victoria Property firmly believes that this is a highly attractive price, which represents a 48.5% premium to the GRIO closing share price of 22.90 pence as at close of business on January 7, 2025, being the latest practicable date prior to the date of this announcement. The Possible Offer implies a valuation of approximately £32.5 million for the entire issued and to be issued share capital of GRIO. It is proposed that the cash consideration payable by Victoria Property pursuant to the Possible Offer Terms would be funded from Victoria Property's available cash resources. GRIO shareholders approved the continuation of the Company at an Extraordinary General Meeting. The intention to make an offer for GRIO by Victoria Property to the satisfaction or waiver of a number of customary pre-conditions, including, amongst other things (i) the unanimous and unqualified recommendation of the transaction by the Board of GRIO, (ii) receipt of irrevocable undertakings from the Directors of GRIO, (iii) satisfactory completion of a customary focused confirmatory due diligence exercise on GRIO; and (iv) final approval of the Board of Victoria Property.
Fraser Greenshields and Tom Watson of Ernst & Young LLP acted as sole financial advisor to Victoria Property. Announcement • Jan 07
Ground Rents Income Fund PLC Announces Termination of Jane Vessey as Director Ground Rents Income Fund PLC announced the following change to its board of directors: the termination of Jane Vessey's appointment as a director with effect from 31 December 2024. New Risk • Nov 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 6.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (UK£21.5m market cap, or US$28.0m). Announcement • Oct 25
Ground Rents Income Fund plc Announces Jane Vessey to Retire from the Board with Effect from 31 December 2024 Ground Rents Income Fund PLC announced Jane Vessey will retire from the Board with effect from 31 December 2024. Jane joined the Board in September 2021 and has made significant positive contributions to the Company, and to the work of the Board, including overseeing the establishment and monitoring of new building & fire safety and ESG-related management processes. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Independent Non-Executive Director Katherine Christina Innes Ker was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jul 25
New major risk - Revenue and earnings growth Earnings have declined by 30% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 30% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (0% payout ratio). Market cap is less than US$100m (UK£28.1m market cap, or US$36.2m). Reported Earnings • Jul 05
Full year 2023 earnings released: UK£0.012 loss per share (vs UK£0.078 loss in FY 2022) Full year 2023 results: UK£0.012 loss per share (improved from UK£0.078 loss in FY 2022). Net loss: UK£1.12m (loss narrowed 85% from FY 2022). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Announcement • Feb 17
Ground Rents Income Fund PLC, Annual General Meeting, Mar 11, 2024 Ground Rents Income Fund PLC, Annual General Meeting, Mar 11, 2024, at 09:30 Coordinated Universal Time. Location: 1 London Wall Place, London England, EC2Y 5AU United Kingdom Agenda: To consider Annual report and accounts to 30 September 2023; to consider Leasehold and building safety reform; to re-elect Barry Gilbertson as a Director of the Company; to re-elect Bill Holland as a Director of the Company; to re-elect Katherine Innes Ker as a Director of the Company; to re-elect Jane Vessey as a Director of the Company; and to consider other issues. New Risk • Feb 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended March 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported March 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (UK£30.8m market cap, or US$38.7m). Reported Earnings • Jul 23
First half 2023 earnings released: EPS: UK£0.03 (vs UK£0.082 loss in 1H 2022) First half 2023 results: EPS: UK£0.03 (up from UK£0.082 loss in 1H 2022). Revenue: UK£2.89m (up 4.6% from 1H 2022). Net income: UK£2.90m (up UK£10.8m from 1H 2022). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 07
Full year 2022 earnings released: UK£0.078 loss per share (vs UK£0.012 profit in FY 2021) Full year 2022 results: UK£0.078 loss per share (down from UK£0.012 profit in FY 2021). Net loss: UK£7.52m (down UK£8.71m from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Dec 01
Ground Rents Income Fund plc Declares an Interim Pid Dividend for the Period from 1 July 2022 to 30 September 2022, Payable on 30 December 2022 The directors of Ground Rents Income Fund plc have declared an interim PID dividend of 0.75 pence per share for the period from 1 July 2022 to 30 September 2022, payable on 30 December 2022 to shareholders on the register on 9 December 2022. Ex dividend date is 8 December 2022. Record date is 9 December 2022. Pay date is 30 December 2022. Buying Opportunity • Nov 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be UK£0.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 16%. Board Change • Oct 31
High number of new directors Independent Non-Executive Director Katherine Innes Ker was the last director to join the board, commencing their role in 2021. Announcement • Sep 01
Ground Rents Income Fund plc Declares Interim PID Dividend for the Period from 1 April 2022 to 30 June 2022, Payable on 30 September 2022 Ground Rents Income Fund plc have declared an interim PID dividend of 0.75 pence per share for the period from 1 April 2022 to 30 June 2022, ex dividend date is on 8 September 2022, payable on 30 September 2022 to shareholders on the register on 9 September 2022. Reported Earnings • Jul 01
First half 2022 earnings released First half 2022 results: Net income: (down UK£773.2k from profit in 1H 2021). Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • May 24
Ground Rents Income Fund plc Declares Interim PID Dividend for the Period from 1 January 2022 to 31 March 2022, Payable on 30 June 2022 The directors of Ground Rents Income Fund plc declared an interim PID dividend of 0.75 pence per share for the period from 1 January 2022 to 31 March 2022, payable on 30 June 2022 to shareholders on the register on 6 June 2022. ex dividend of June 1, 2022 and Record date of June 6, 2022. Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Bill John Holland is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 10
Ground Rents Income Fund plc Announces Dividend Declaration for the Period from 1 October 2021 to 31 December 2021, Payable on 11 March 2022 The directors of Ground Rents Income Fund plc have declared an interim PID dividend of 0.75 pence per share for the period from 1 October 2021 to 31 December 2021, payable on 11 March 2022 to shareholders on the register on 18 February 2022. Ex dividend date 17 February 2022. Record date 18 February 2022. Pay date: 11 March 2022. Dividend per share: 0.75 pence. Reported Earnings • Dec 18
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: UK£0.012 (up from UK£0.016 loss in FY 2020). Revenue: UK£5.69m (down 6.1% from FY 2020). Net income: UK£1.19m (up UK£2.78m from FY 2020). Profit margin: 21% (up from net loss in FY 2020). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 291%. Earnings per share (EPS) surpassed analyst estimates by 291%. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Board Change • Nov 01
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Bill John Holland is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 02
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. Independent Non-Executive Director Bill John Holland is the most experienced director on the board, commencing their role in 2019. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Executive Departure • Sep 23
Independent Non-Executive Director Paul Craig has left the company On the 16th of September, Paul Craig's tenure as Independent Non-Executive Director ended after 8.9 years in the role. We don't have any record of a personal shareholding under Paul's name. A total of 2 executives have left over the last 12 months. Announcement • Sep 15
Ground Rents Income Fund PLC (LSE:GRIO) commences an Equity Buyback Plan for 14,541,273 shares, representing 14.99% of its issued share capital, under the authorization approved on March 31, 2021. Ground Rents Income Fund PLC (LSE:GRIO) commences share repurchases on September 14, 2021, under the program mandated by the shareholders in the Annual General Meeting held on March 31, 2021. As per the mandate, the company is authorized to repurchase up to 14,541,273 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.5 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares. The authority shall expire at the conclusion of the next Annual General Meeting of the company in 2022. As of March 31, 2021, the company had 97,006,497 ordinary shares in issue and no ordinary shares in treasury. Announcement • Aug 05
An unknown buyer acquired Beetham Tower in Manchester from Ground Rents Income Fund PLC (LSE:GRIO). An unknown buyer acquired Beetham Tower in Manchester from Ground Rents Income Fund PLC (LSE:GRIO) on August 3, 2021. The Property was originally acquired in 2012. The disposal releases GRIO and its subsidiaries from all current litigation and freeholder obligations. The disposal has the following financial impact with reference to the unaudited interim results to March 31, 2021, released on July 29: Reversal of the specific £2.9 million provision which reflected an estimate of the cost the asset owning subsidiary would have incurred, were it to have proceeded with the remedial works required to repair the Property, after recovery from third parties; and Increase in costs and expenses specifically relating to the Property incurred since April 1, 2021 of £0.3 million. Schroders has not charged additional fees for work carried out in connection with resolving the Beetham Tower litigation.
An unknown buyer completed the acquisition of Beetham Tower in Manchester from Ground Rents Income Fund PLC (LSE:GRIO) on August 3, 2021. Reported Earnings • Aug 03
First half 2021 earnings released: EPS UK£0.008 (vs UK£0.008 in 1H 2020) First half 2021 results: Net income: UK£773.2k (up 2.1% from 1H 2020). Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Apr 29
Ground Rents Income Fund plc Declares Interim PID Dividend for the Period from 1 January 2021 to 31 March 2021, Payable on 28 May 2021 The directors of Ground Rents Income Fund plc have declared an interim PID dividend of 0.99 pence (net) per share for the period from 1 January 2021 to 31 March 2021, payable on 28 May 2021 to shareholders on the register on 7 May 2021. Ex dividend date is 6 May 2021. Executive Departure • Apr 03
Independent Non-Executive Chairman Robert Naish has left the company On the 31st of March, Robert Naish's tenure as Independent Non-Executive Chairman ended after 8.4 years in the role. We don't have any record of a personal shareholding under Robert's name. Robert is the only executive to leave the company over the last 12 months. Reported Earnings • Mar 04
Full year 2020 earnings released: UK£0.016 loss per share (vs UK£0.024 loss in FY 2019) Full year 2020 results: Net loss: UK£6.04m (loss widened 164% from FY 2019). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 25
New 90-day low: UK£0.62 The company is down 14% from its price of UK£0.72 on 27 November 2020. The British market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 7.0% over the same period. Announcement • Feb 10
Ground Rents Income Fund plc Announces Board Changes Ground Rents Income Fund PLC announced the appointment of Barry Gilbertson as an Independent Non-executive Director with effect from 10 February 2021. Barry is a consultant with a focus on real estate, strategy and risk, having more than 45 years' experience advising on property, including as an adviser to the Bank of England and as President of the Royal Institution of Chartered Surveyors. Malcolm Naish has informed the Board that he intends to retire as Chairman and as a Non-executive Director of the Company at the Company's next annual general meeting. It is intended that Barry will succeed Malcolm as Chairman, on his retirement. Is New 90 Day High Low • Jan 08
New 90-day low: UK£0.65 The company is down 12% from its price of UK£0.73 on 09 October 2020. The British market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day low: UK£0.72 The company is down 14% from its price of UK£0.84 on 06 August 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 20% over the same period. Is New 90 Day High Low • Sep 29
New 90-day low: UK£0.81 The company is down 1.0% from its price of UK£0.82 on 01 July 2020. The British market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 22% over the same period. 
