Weekly Update email received - existing loan book update below - much of which is being discussed in the relevant loan threads. All blue highlighting mine. And the weather forecast says (amongst other things)
"Today, we are pleased to publish our
2016 results, which show an increase in profits after tax by 165% over the last year*, rising from £1.04m to £2.74m.
At the same time turnover has increased 104% over the same period, going from £13.5m to £27.5m.
This healthy position makes us one of the most viable and sustainable platforms in the
sector, and provides strong evidence that the changes we’ve been making over the past 18 months are proving effective.
* December 31st 2016"
Yesteryear the Universe today the
sector 
"EXISTING LOANBOOK
DFL001 - After the loan expired, Lendy reverted back to the Borrower to request additional information and to seek assurances in regards the project moving forward, without which it would have no alternative but to proceed with enforcement action. Despite giving the Borrower several opportunities to provide the requested information/documentation, the Borrower failed to deliver.
LPA receivers have now been appointed and they are speaking with third party agents and valuers in order to determine the best exit strategy; be it disposing of the development, proceeding with a build out of the site or by entering into an agreement with numerous confirmed interested parties. Given the current condition of the development, and the difficulties had with the Borrower previously, this process will take some time to complete. However, once an appropriate exit strategy has been identified and agreed, Lendy will pursue it as a matter of urgency.
We note from a recent online P2P forum post by the developer that they have made reference to main access to the site being controlled by his son. Whilst this point is being investigated further by Lendy, we are speaking with other parties to ensure that this issue does not impact upon the preferred exit strategy. Notwithstanding this, however, Lendy will pursue every recovery option available to it in the event that there are issues with any of the information provided to it prior to the drawdown of the loan.
As a result of the above along with recently obtained information and in line with our regulatory requirements, Lendy have taken the decision to suspend the trading of this loan on the secondary market in light of the changing risk profile.
DFL002 - Following the Borrower's failure to properly engage with Lendy after the loan had become due, Lendy gave the Borrower one final opportunity before proceeding with enforcement action to deal with, and respond to, the concerns raised by it. However the Borrower subsequently failed to deal with any of the points raised by Lendy, which meant it had no alternative but to appoint LPA Receivers in respect of the Property.
In a recent online P2P forum post by the developer they made reference to an offer of re-finance, which would have been sufficient to repay all investors. This offer would not have been sufficient to fully repay Lendy and, in any event, no supporting documentation was ever provided to substantiate this alleged offer of re-finance, despite Lendy's repeated requests for the same.
The LPA receivers are efficiently and diligently working with Lendy and we have spoken with them at length in regards to the potential exit strategy with the Property on numerous occasions. Whilst disposal of two of the three commercial units is progressing well, the Borrower has installed occupants in the residential apartments without Lendy's knowledge and/or consent in a deliberate attempt to adversely affect the Property's value and to restrict Lendy's ability to sell it. We are therefore working closely with the LPA receiver, and third party agents, in order to identify and pursue the best course of action to ensure the maximum return to our investors.
As a result of the above along with recently obtained information and in line with our regulatory requirements, Lendy have taken the decision to suspend the trading of this loan on the secondary market in light of the changing risk profile.
DFL003 - Loan facility documents have now been sent to the borrower to formalise the terms of the agreed 12 month extension.
DFL004 - Further development tranche to be added to the Pipeline shortly.
The borrower’s Broker has advised that they should have a Credit backed offer of refinance within the next 2 weeks.DFL005 - Latest development tranche added to the platform 26th September 2017. The latest IMS report confirms site progress as follows: “The timber frames are installed with roofs on the units erected and the windows and doors installed. First fix Mechanical & Electrical works are complete to all units and the second fix is progressing around to the northern units at an advanced pace. Service trenching and installation works are ongoing throughout the site, but such works mean that work to leisure building has had to be put on hold. This will have a detrimental effect on the overall programme resulting in a delay for completion. This is being assessed and the programme reviewed to determine if time can be recovered. At this time a delay of six to eight weeks is considered probable.” The borrower requires funding to maintain momentum at this critical stage as the development nears completion. We are confident that the source of repayment is realistic having seen signed Heads of Terms for an equity investment of £5m, and draft sales details for the sale of freehold in excess of £4m, the aggregate of which is more than sufficient to repay the loan including the latest tranche. The GDV figure has also previously been incorrectly stated on the Platform as £13,300,000 so this has been amended in line with the Valuation Report, which has always been within the Loan Particulars, to £14,065,000. This reduces the LTV given the increase in value.
DFL006 -
Borrower has requested a three month extension; we have advised that in principle this would be acceptable, albeit we will require payment of three months’ interest in advance.
DFL007 - The Independent Monitoring Surveyor advised they are due to inspect the site this week, and we therefore expect to receive report and request for drawdown in the first week of October.
DFL008 - As Phase 1 approaches practical completion, our solicitors are now liaising with the borrower’s solicitors regarding the lease consents and amounts to be received on each unit sale.
DFL009 - The borrower has confirmed that the loan will be repaid in one transaction prior to the repayment date. We have requested evidence of the refinance from the borrower and will continue to monitor.
DFL010 - Our solicitors are preparing revised loan documentation for the proposed extension. However, in the meantime, the borrower has sent funds to cover the interest for the extended period.
DFL011 - Latest development tranche added to the platform 27th September 2017. The Independent Monitoring Surveyor undertook a site visit on 14th September 2017 and reported on progress as follows: \"Demolitions and strip out complete Scaffold erected to front, rear and side elevations Third floor steelwork and timber frame completed forming external wall and roof structure Roof insulation in place and roof coverings complete First and Second floor timber framing and infill complete to external walls Windows and External Doors installed to all floors External Cladding system in progress Internal stud partitions erected to first, second and third floors New staircase opening formed at third floor level Ceiling linings in progress Plastering in progress Mechanical and electrical first fix complete to first and second floors Mechanical and electrical first fix in progress to third floor Whilst the works have commenced late, good progress has been made and the works appear to be on programme. We are not aware of any delays or matters affecting progress of the works at this time.\"
DFL012 - Latest tranche of Development Funding £272,489 added to our platform this week. The Borrower has also advised that: The Glazing has moved on immensely and entire elevations are now complete in line with the latest images. Kitchens and bathrooms are now being installed in full. Kitchens are being fitted at a rate of four a day and floors 2, 3 and 4 now have sealed and completed kitchen areas. A delivery manager will now reside on site to see through completion and handover of each unit on one by one basis. Contracts have now been entered into on Penthouse unit 119 (South Tower). Penthouse 118 (North Tower) has now been designed and will shortly be released to market.
There are now only 20 units unsold, with interest remaining incredibly high.
DFL013 - The borrower has now provided an update from their Architect which confirms “new outline designs have been developed which seek to increase the density of student studio apartments from the already permitted 249 units to 360 units. The units have been accommodated within two buildings as per the previous approval. The new scheme has been presented to the City Council at a senior level and support has been forthcoming. Over the course of the next 2-3 months, the design will be developed in more detail in dialogue with the council in order to ensure their support continues when the application is submitted.”
DFL014 - The latest tranche of development funding was added to the platform this week. The Independent Monitoring Surveyor has reported that the development works can now commence on site. In the period leading up to this drawdown the majority of work and costs incurred have been around professional services in setting up building warrants, insurances and other matters necessary to commence construction. The site preparation has begun with marking out of the road, one plot and some initial excavations. Investigation works into the position of services and associated items has been undertaken now that the site has been cleared. There is evidence onsite of progress of works although much of this is of an investigatory nature at this stage.
DFL015 -
Development progress has slipped and is not expected to be complete before expiry. We have agreed to provide an extension, although the borrower will need to fund £75,000 of the remaining development costs. They confirm they are selling assets to cover this, and have provided a memorandum of sale in respect of an investment property due to be sold.
DFL016 - The borrower\'s solicitor has failed to engage with us and as such we are
taking legal advice as to next steps.DFL017 - The borrower has failed to provide any substantive information following our formal request for the same.
We have issued a formal demand for repayment of the loan.DFL018 - As previously reported, the Borrower was funding this month’s construction costs themselves, and therefore we do not expect to receive a further report from the Independent Monitoring Surveyor until October.
DFL019 - Latest development tranche was added to the platform on 27th September 2017. The Independent Monitoring Surveyor reported that: \"The southern access roads are installed, together with geotechnical membrane, base course and surfacing layer. One of each type of Eco-Lodge is installed and the corresponding frame erected with internal fit-out progressing. Lodges are being delivered to site to allow for continuous erection once the corresponding foundations are prepared and installed. 60 of the pod foundations are installed and one full unit installed. External works and associated site level reduction is progressing to all pods.\"
DFL020 - Borrower is still considering whether to proceed with an offer received to sell the site, or whether they will develop the site themselves. We expect them to make a final decision within the next few weeks.
DFL021 - The borrower has provided updated costings for development of the care home. We have questioned what the planning implications are, and await a response.
DFL022 - We are advised that works are progressing well. The borrower does not currently require further development finance on this, so there is no imminent inspection planned by the Independent Monitoring Surveyor.
DFL023 - The Independent Monitoring Surveyor undertook a site inspection earlier this week and we should therefore receive their report next week.
DFL024 - The Independent Monitoring Surveyor visited the site on Monday 4th September and reported progress as follows: “Site set up complete Foundations and ground floor slab complete (by others) Remedial works to the existing ground floor slab complete Timber frame complete Roof structure complete Roof coverings complete Fascia and soffit complete Rainwater goods complete Internal floors to ground, 1st & 2nd floors installed Internal walls to ground, 1st & 2nd floors installed Brickwork outer skin complete (bar minor snagging) External rendering in progress Windows installed 1st fix Mechanical & Electrical installation complete Plastering substantially complete (minor works remaining) 2nd fix Mechanical & Electrical installation complete All kitchens on site and installation substantially complete to 21 flats Sanitaryware installation complete Wall tiling to bathrooms in progress 2nd fix carpentry (window boards, skirting, architrave) commenced” They report that works are c. 5 weeks behind programme and the Borrower is forecasting completion by mid-October 2017 which they consider achievable.
DFL025 - The borrower has confirmed that they are making good progress on the development. The Independent Monitoring Surveyor (IMS) has not currently been booked in for a site inspection, so there is no immediate requirement to draw down further funds. The IMS has driven past the site recently and confirms works are continuing.
DFL026 - Latest development tranche added to the platform this week. The Independent Monitoring Surveyor has commented: \"The ten month build programme commenced in June providing a completion date for the project of April 2018. Works are slipping against programme as evidenced by underspend to date. However, on completion of the slab and retaining wall works (due for next reporting period) adjustment is expected to achieve programme schedule.\" The Borrower advises that they have agreed off-plan sales on two of the three terraced houses at £855,000 (gross). Reservation fees have been paid and their solicitor is working towards exchange of contracts. The gross sale prices achieved are above the forecast GDV (£330,000 - £350,000 quoted in valuation report).
DFL027 - Latest development tranche drawdown 12th September 2017, next report from the Independent Monitoring Surveyor due in October.
DFL028 - Decision on planning for the remainder of the site is due early October, following which we will have certainty regarding the remainder of funding required. No further drawings of funds have been permitted until this is resolved.
DFL029 - Last development tranche was drawn down 7th September 2017; we expect to receive a further report from the Independent Monitoring Surveyor within the next two weeks.
PBL027 - In light of the complex nature of this asset, and the potential legal ramifications with the various exit strategies, we are continuing discussions with our appointed solicitors and continue to obtain advice in relation to the same. Once this advice has been finalised, and a recommendation provided, we will revert back with a further update. In the meantime, the LPA Receiver has arranged to meet with the Borrower to discuss the Borrower\'s exit strategies.
PBL031 - The possession proceedings are in line with the previous update. We continue to work on the legal proceedings which unfortunately take time. In the meantime, we are waiting for out advisors to revert back to us on the additional recovery options.
PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - We are expecting final details of all offers from the LPA Receiver at the end of next week and will thereafter review the quantum and conditionality of all offers received.
PBL047 - Whilst we were advised that the re-finance was 100% funded, due to on-going legal issues with the lender this has not as of yet completed. We are continuing to chase all of the relevant parties to confirm when the re-finance is likely to complete. In the mean time, the Borrower has made interim payments in order to reduce the capital sum whilst the legal issues are resolved and the re-finance completed. Should the re-finance continue to be delayed, further interim payments will be made by the Borrower.
PBL055 - Following discussions with the Borrower and an interested third party, we agreed to extend this loan for a further period of one month after receipt of monies to cover a further month\'s interest. The Borrower and the third party are finalising the exit strategy and it is anticipated that this loan will be redeemed within the one month extension period granted.
PBL056 - With the agricultural lease issue due to be resolved in October, contracts are due to be exchanged shortly and it is intended that completion will take place by the end of next month.
PBL057 - Following discussions with the Borrower, and an interested third party,
we agreed to extend this loan for a further period of one month after receipt of monies to cover a further month\'s interest. We are in discussions with the current Borrower as regards to the potential sale of the security asset and the proposed deal is to also proposed to be funded by Lendy and is currently in the pipeline.
PBL064 - Court action to obtain vacant possession of the Property continues and we anticipate hearing back from the Court in regards the application to strike out the defence submitted by the Borrower to prevent the LPA Receiver obtaining control of the Property in the next 2 weeks.
PBL065 - Negotiations with the interested third party continue and an offer has been received with conditionality. We will continue to work with interested third party whilst they complete due diligence on the potential purchase. The backstop position should this deal not materialise is to re-list the property for sale at auction.
PBL068 - The property is scheduled to be
listed for sale at auction in October 2017. In conjunction with this, and in order to assist the sale process, we have commenced possession proceedings against the Borrower and this has been listed to be heard in Court in November 2017. Whilst the Borrower has communicated that he is seeking to exit the loan by refinancing, the above action will not be altered unless and until funds are received.
PBL074 - We have received confirmation from our solicitors that the prospective purchaser is not currently in funds to complete on the sale. The Borrower is contractually obliged to complete and we have instructed our solicitors to pressure the purchaser into completing without delay or they will face legal ramifications.
PBL081 - Having repossessed the security, we are following the realisation process and taking steps to ensure we achieve the best possible sale price for the property. In that respect, and following professional advice,
the property will be marketed at a lower figure in order to try to achieve a quicker sale.PBL084 - We remain in discussion with the Borrower in regards settlement of the loan however these negotiations have become protracted in light of the complex nature of the Property. In conjunction with these discussions, we are also regularly in contact with our professional advisors and hope to agree a suitable enforcement plan in the event that the Borrower does not complete on its exit strategy.
PBL094 - We engaged the third party in relation to the initial report and his findings are expected to be returned to us in the next 5-10 days. As stated previously, only after review of this additional information, in conjunction with the initial report, will we be able to provide an update on the appropriate course of action to recover the outstanding balance owed.
PBL095 - The due diligence on the sale of this loan is expected to complete within the next week. Whilst we were initially hopeful that completion on the sale would take place before the end of this month, due to factors outside of our control this is no longer likely to be the case. Notwithstanding this though, all parties are working to an
anticipated completion date in October 2017.
PBL098 - The Borrower is continuing to work hard to obtain re-finance to exit the loan and we anticipate receiving an offer shortly. In the meantime, we are continuing to proceed with enforcement action against the Personal Guarantors.
PBL101; PBL102 - The agreement has now been finalised between the relevant parties and is to be signed at the end of this week. We have received confirmation that the Borrower has received offers on the Property, which would be sufficient to repay the loan in full, inclusive of all accrued interest. Our solicitors will have conduct of any sale once the terms have been agreed between the respective parties.
PBL103 - Repayment has been delayed due to a planning issue identified. The council have lost some drawings, although these are in the course of being re-created. The borrower and their solicitor expect the council to confirm approval within two weeks.
PBL106 - Prior to the preliminary planning on the property being extended by the local authority, we engaged third parties and our legal advisors to provide advice on exit strategies to ensure the maximum possible return to investors. Upon receipt of the advice and reports, we shall report back with further details of our preferred exit strategy which is likely to involve either the marketing and sale of the site, a build-out option and/or enforcement action against the Borrower.
PBL107; PBL108 - The Borrower was unable to refinance the loan due to failing to obtain sufficient funds to redeem our loan in full and LPA receivers have therefore subsequently been appointed. It is anticipated that the Property will be
listed for auction at the end of October 2017 and we have received independent agent\'s advice stating that the auction sale proceeds should be sufficient to repay the loan in full.
PBL120 -
Whilst our solicitors continue to receive funds from the sales of units, they are unable to release these funds to us at this stage, as there is legal paperwork outstanding from the Borrower\'s solicitors.
PBL123 - Completion of the sale of the property is expected to take place on or
around 12 October 2017.PBL130 - The borrower has failed to communicate sufficiently with either us, or their finance broker, and we have not had confirmation that the loan will be repaid in full by the due date. We have issued a formal demand for repayment and will appoint LPA receivers to handle the forced sale of the security property as soon as the loan falls due, unless we have confirmation of a viable exit strategy from the borrower.
PBL133 - We met with the Borrower at our offices this week. The Borrower and his legal advisors provided us with comprehensive details of the exit strategy to redeem this loan in full. We are close to
concluding the terms of a one month extension to provide sufficient time for the exit strategy to complete and are confident that full redemption will take place during this period.
PBL137 - We continue to chase the Borrower for details of the new lenders being approached to enable the Borrower to exit the loan. Notwithstanding this, we are continuing legal action against the Borrower. However, due to the site being in Scotland, and its legal system, we are awaiting expiry of a required statutory notice before further steps can be taken.
PBL141 - Me met with the Borrower at our offices this week. Whilst the redemption of this loan has not yet taken place, the Borrower is working hard to exit the loan. We have seen all required documentation to substantiate the refinance and completion is anticipated shortly following a minor, outstanding issue with H.M. Land Registry being resolved.
PBL142 - This latest extension of this loan expired on 28th September 2017. However, we are now in
advanced discussions regarding development funding for the site.PBL143 - We are in constant dialogue with the Borrower and, having received assurances from the Borrower, it is anticipated that redemption of this loan will take place shortly.
PBL148 - The borrower has been in contact with the council regarding the planning application and they have requested that both the residential and the commercial scheme applications are submitted at the same time. The borrower is preparing the applications and they will be submitted shortly for consideration.
PBL150; PBL151; PBL152 - We do not expect this loan to run to term as the borrower is in the final stages of refinance and expects to repay in full before the due date.
PBL153 - The borrower is in negotiations with a prospective purchaser for the part of the site which forms the marina. The borrower continues to work on securing development finance.
PBL154 - The borrower has informed us that they are in contact with development finance providers whom the borrower is looking to refinance through. The borrower informs us they intend to apply for planning permission for a change of use of the security property, and are seeking additional tenants.
PBL155 - As part of the LPA receiver’s initial due diligence following its appointment on this loan, it has taken advice from various third parties in connection with the property’s value. Unfortunately, this advice has returned giving an adverse opinion as to the property value. In light of this, and in line with our regulatory requirements, Lendy has taken the decision to suspend the trading of this loan on the secondary market given the change to the risk profile.
At this point in time, we are unable to release more information in order to protect any claims we may have against various parties. Please be assured that Lendy will be pursuing all appropriate recovery options available to ensure the maximum return to its investors.
PBL156 - Borrower has confirmed to us this week that planning issues have now been resolved in their favour. They are in discussions regarding a joint venture development and have exchanged memorandum of understanding with a ‘major player’ in this regard. We are promised further updates as this progresses.
PBL157; PBL158 - Whilst the Loan is due to expire in under 4 months\' time, we are commencing discussions with the Borrower surrounding repayment and asking for firm repayment proposals given the size and nature of this asset, and the amount of time a new funder may take to complete their due diligence, or in the case of a sale of the asset, the time it might take to find a buyer. We have had sight of evidence of a prospective sale of the asset for a figure in excess of the current valuation. We are seeking further evidence and confirmation from the borrower to quantify the likelihood of this prospective purchase proceeding.
PBL159 - Despite repeated recent attempts to obtain further information on the exit strategy from the Borrowers, they have failed to respond substantively. We will therefore be continuing with our efforts to correspond with the Borrowers and will take all available action in the event that they fail to engage with us.
PBL161 - The Borrower is continuing to progress the re-finance of the loan and is hopeful he will be in a position to redeem in full shortly. In the meantime, the LPA receiver is concurrently making enquiries with third parties in regards exit strategies and hopes to provide its final report within the next couple of weeks.
PBL162 - We have met with the borrower who has accepted
development finance terms from a p2p bridging lender, and we have had sight of these terms. The borrower is currently undergoing legal due diligence with the new lender.
PBL163; PBL164 - There has been a delay in the provision of the valuation report to the new lender. However, we are receiving regular updates from the borrower and expect repayment to be made in full. In the meantime, we are closely monitoring the situation.
PBL165 - The borrower continues to wait for the decision on her planning application, whilst we are anticipating the decision on the planning application to be returned shortly we do not have a definitive time frame and are continuing to engage with all the relevant parties to obtain this information. Upon receipt, we shall provide a further update.
PBL166 - We remain in discussion with the Borrower in regards settlement of the loan however these negotiations have become protracted in light of the complex nature of the Property. In conjunction with these discussions, we are also regularly in contact with our professional advisors and hope to agree a suitable enforcement plan in the event that the Borrower does not complete on its exit strategy.
PBL167 - We have been in contact with the borrower and their finance broker, who are working hard to refinance this loan with another lender. We are expecting a comprehensive update and evidence of the refinance to be provided to us in the next week. The borrower is obliged to repay
50% of the loan value before 14 October 2017 and the borrower is expecting this deadline to be met.PBL168 - There was a fire at the property last Sunday. We are pleased to report the security property has suffered no extensive damage likely to impact upon the borrower’s exit strategy. The west side of the site has been effected, with one tenanted building being seriously damaged. However, this building would be demolished under the current planning scheme and therefore the damage is not believed to have adversely effected the value of the site. We continue to work with the borrower and their insurers.
PBL169 - The borrower has provided us with proof of sale for the security property. However, the purchaser has had a number of issues which may delay completion beyond the expiry of the loan. We are in talks with borrower with
regard to a possible one month extension to cover any delay in the sale of the security property.
PBL170 - We have spoken again with the borrower in connection with a potential early repayment through refinance. We have not yet seen supporting evidence of the refinance, but have requested the same.
PBL172 - The borrower has confirmed to us that they are working with a private finance company to refinance this loan. We are informed that a valuation report is to be produced within the next few days and that the prospective lender has commenced legal due diligence. We are pressing the borrower to provide us with supporting evidence of the refinance and its progression.
PBL174 - We have now received completion statements on three units, and our solicitors are liaising with the borrower’s solicitors regarding
partial repayment / partial release of security.PBL175 - The borrower is currently selling an asset from his portfolio and expects the loan to repay before the due date.
PBL176 - The borrower was not successful with his planning application to enhance the site and has now begun discussions to sell part of the site which will fully repay our loan. We will be closely monitoring progress.
PBL177; PBL178; PBL179 - We have been informed that the borrower is working on the refinance of the loan. We are pressing the borrower to provide us with evidence that the refinance is being arranged. We are expecting the next mandated income payment on 30 September 2017.
PBL180 - The borrower is in the process of obtaining finance to repay the loan and develop the site.
PBL181 - The borrower is in the final stages of completing Plot 2 and once finished will start working on the refinance.
PBL182 - The borrower has provided us with part of the necessary information required pursuant to the terms and conditions of the loan and is working hard to obtain the balance.
PBL183 - The borrower has determined that the security property will be put up for sale in early October for £180,000, which is the same figure as the valuation held on file and is sufficient to repay the loan. The borrower tells us that sale of the property is now their preferred option, but if a sale is not achieved as the expiry of the loan approaches they will look to refinance.
PBL184; PBL185; PBL186 - The borrower has determined that the security property will be put up for sale in early October for £180,000, which is only £5,000 below the valuation held on file and is sufficient to repay the loan. The borrower tells us that sale of the property is now their preferred option, but if a sale is not achieved as the expiry of the loan approaches they will look to refinance.
PBL187 - The borrower informs us that they have further progressed their planning permission application. The borrower is also in the process of purchasing some land adjoining and accessible via the security property. The borrower will look to incorporate this land into future planning applications.
PBL188 - We have been in communication with the borrower who is confident the loan will be repaid before the due date. We will continue liaising with the borrower who is to provide us with satisfactory evidence that an offer of refinance from a commercial lender is in place on or before a deadline of 8 October 2017.
PBL189 - The borrower continues to work on the refinance and is awaiting decisions from two lenders.
PBL190 - The borrower reports that they will repay the loan in full by the due date and are seeking to refinance from alternative bridging lenders. We are pressing the borrower to provide us with evidence to support that an offer of finance has been made.
PBL191 - Following completion of the property purchase on 6th September 2017, we have appointed an Independent Monitoring Surveyor to review the borrower’s plans, budget and forecasts, together with planning, and provide an initial report. They are currently collating this information and we expect to receive their report next month.
PBL192 - As per the previous update, completion is now expected in 2 weeks time. The Borrower has provided funds to cover the interest costs for this period. "
