This newsletter was originally published on substack on October 12, 2025.
I’m still plugging away in our little corner of the market. It will interesting to see if this strong equity market and lower interest rates increases liquidity in the private markets – PE, Real Estate, VC etc. If it does, that liquidity will help liquidations that are selling assets.
Important Note: These watchlists are not buy signals, buy pitches or recommendations to purchase shares. The purpose is to inform you of potential opportunities and to give you a profile of the situation. Some of these opportunities might be actionable now, in the future or never. Please do your own research and analysis.
NAV is reported NAV, book value, my estimate or another disclosed value. Timeframe is based on management or my estimate. Both could change. NAV is unlikely to be the figure you will receive in a liquidation and you should not base your investment decisions on these figures.
Liquidations
The PRS REIT (LON:PRSR, ISIN:GB00BF01NH51) is a private rental sector (housing) investment fund in the UK. They have been in a strategic review and formal sale process since October 2024. On the 17th September they announced Waypoint would acquire the holding company that owns the assets. This means that the sale proceeds will be distributed via a liquidating dividend and not a share sale of the REIT entity. The REIT will then wind up. Net proceeds are c£1.15. They aim to complete the sale by November 2025. Key drivers of the situation is the shareholder vote to approve the sale and confirmatory DD by the buyers. NAV £1.15 (net proceeds of sale). Timeframe 6 months.
2020 Bulkers Ltd (OS:2020, ISIN:BMG9156K1018) owns 6 dry bulk ships. The company was set up to take advantage of the dry bulk market with the goal to eventually sell the ships and liquidate the company. They have recently announced the sale of 3 of their remaining 6 ships for USD $209m, $89m above book value. This transaction settles in Q1 2026. With only 3 ships remaining I’d say odds are high they sell and liquidate in the next year. Key drivers of this is how the dry bulk market performs over the next year. Shipping markets can be volatile both on the upside and downside. NAV 128 NOK (HF estimated NAV). Timeframe 1 year.
StandardCoin AS (OS:SCOIN, ISIN:NO0013384651) was originally set up to own platform supply vessels. They sold these assets and distributed the cash to shareholders in 2024. This year they pivoted to a crypto company and raised capital. In August the company said “Euronext Growth Oslo has imposed obligations on the Company equivalent to those required for a new listing process”. The company said they would liquidate and return capital to shareholders by Q4 2025. Key drivers of this situation are when they sold their crypto holdings and USDNOK FX rate. I’ve come up with an adjusted NAV based on balance sheet values as of 30 June. Thanks to a reader who mentioned this situation to me. NAV 21.78 NOK (HF adjusted book value for dividend and placement). Timeframe 3 months.
Centaur Media (LON:CAU, ISIN:GB0034291418) had a portfolio of brands that provided business intelligence, learning and consultancy to the marketing and legal industries. On 12th December 2024 they announced a strategic review within a board change announcement. This has led to sales of multiple divisions and in hindsight should have been flagged as a potential liquidation. I’ve categorised this as a liquidation as in their recent interim results the directors said “the Directors understand that at the end of the year a basis other than going concern may need to be adopted depending on the execution of the Group’s current strategy.” This leads me to believe they will likely liquidate and return cash to shareholders. A return of capital has already been flagged. Two businesses remain left to sell. Dalius – Special Sits on twitter has covered the situation well from earlier this year. Key drivers of this situation is if they fully liquidate or keep a cash shell. NAV £0.48 (company indicated net cash). Timeframe 1 year.
WH Ireland (LON:WHI, ISIN:GB0009241885) is a UK financial services business. Last year they sold the Capital Markets division and have recently announced the sale of the Wealth Management division. However the vote to sell was strongly opposed by shareholders. Media reports suggest shareholders are not happy with the sale process and the price. The company indicated a £0.005 return to shareholders from the sale and then liquidation. Key drivers of this situation are if they can get a higher price and the ultimate wind up costs. NAV £0.005 (estimated distribution). Timeframe 1.5 years.
Leo Lithium (ASX:LLL, ISIN:AU0000221251 ) owned a Lithium project in Mali. In November 2024 they sold their remaining 40% interest. Shares have been suspended from trading since September 2023 due to various listing rule compliance issues. In January 2025 they returned $0.174 p/s to shareholders. Since then, they have been looking to acquire another asset and get the shares trading again. In September 2025 they announced they would not acquire another asset and would return cash to shareholders, sell their remaining royalty asset and wind up. First distribution of $0.22 will come on 14 October and another distribution of $0.054 by year end. They will make a third distribution when the royalty asset is sold. Although this is not trading on an exchange, you can still trade shares off market. This situation would likely suit an institutional or sophisticated investor. The company has also received a requisition notice from 17% shareholder Firefinch to remove current directors and replace them with their own. Key drivers of this situation is what the value of the royalty asset is (I still need to do some work on this) and if the requisition notice amounts to anything. NAV $0.274 (1st and 2nd distribution). Timeframe 1 year.
Potential Liquidations
SDCL Efficiency Income Trust (LON:SEIT, ISIN:GB00BGHVZM47) is an energy efficiency focused investment fund. They own assets in North America, UK and Europe. They consist of industrial solar and storage, cogeneration, regulated gas distribution networks and on-site energy recycling assets. On 23rd June the board announced they are considering strategic options. On 3rd of September activist Saba disclosed a 5% position. They have a continuation vote in a year. This is trading at a 30%+ discount to NAV so pressure could be on a wind up. Key drivers of the situation is other shareholder appetite to wind up and if the discount persists over the next year. The board has said they will sell some assets and reduce debt to deleverage the equity. NAV £0.91 (reported).
Dp Aircraft Ltd (LON:DPA, ISIN:GG00BBP6HP33 ) owns two 787s leased to Thai Airways till October & December 2026. They have recently entered into a new 12 year lease agreement with Lot Polish Airline to commence when the Thai leases expire. The company was heavily exposed to Thai Airways when they entered debt structuring in 2020. At one point the company’s share price was down 98%. The company had to do highly dilutive capital raises in 2022 & 2024. They have debt refinancing due when the Thai leases expire in 2026. The company has said its investment policy is to sell assets when appropriate. I suspect with only 2 aircraft they will liquidate at some point in the future. Key drivers of this is the demand/supply for the 787 aircraft, which appear to be favourable and debt restructure outcomes. NAV $0.176 (company adjusted reported).
Sunstone Hotel Investors (NYSE:SHO, ISIN:US8678921011) owns 14 full service hotels in the USA. Some of their brands include; Four Seasons, Hilton, Marriott and Hyatt. In September, Tarsadia Capital who own 3.4% of the REIT sent an open letter to the board calling for a strategic review with a full sale or liquidation as options. They said the REIT is subscale and is trading at a 30% discount to Green Street’s estimated NAV. Key drivers of this is the hotel market which has had a slow recovery since COVID and appetite to wind up by other shareholders. There is definitely a trend of small REITs in the US liquidating this year. NAV $13.36 (Green Street NAV).
Wilmington Capital Management (TSE:WCM.A, ISIN:CA9715581018) is an investment company that invested in real estate and private equity. In 2023 they decided to realise the value of these investments and simplify the business. They returned $2.75 in cash to shareholders in 2024. The company is now basically a cash shell with a small residue holding in a property development partnership. The company has said “the Corporation continues to review a range of alternatives aimed at providing liquidity to shareholders and maximizing the value of its public platform”. This suggests to me they will sell the last asset and liquidate or seek a RTO. Thanks to another reader who mentioned this situation to me. NAV $2.86 (book value). Timeframe 1 year.
ENX Group (JSE:ENX, ISIN:ZAE000222253 ) is a manufacturer and distributor of power equipment and distributor of chemicals. They have recently sold a lubricants division and have paid out two special dividends this year totalling R285 p/s. The company’s strategy is to “Continue to follow our strategy of increasing shareholder value by growing the underlying businesses, and if the opportunities available are right, to make strategic disposals of those businesses”. So this could wind up eventually and one to put on your watchlist. NAV R580 (reported, adjusted for special dividends).
Smithson Investment Trust (LON:SSON, ISIN:GB00BGJWTR88 ) invests in international small/mid cap equities. Run by well known UK fund manager Terry Smith. Saba has recently disclosed a 14% stake in the fund. They will have a continuation vote in April 2026 if the discount averages over 10% in the preceding year. The trailing 12 month average has been 11%. A continuation vote was held this year with only 9% voting in favour of a wind up. I believe Terry Smith owns just over 1.5%. Key drivers of this situation is if the discount persists to hold a vote and if more shareholder holders decide to wind up. NAV £16.70 (reported).
Updates on previously mentioned
Life Science REIT PLC (LON:LABS, ISIN:GB00BP5X4Q29) is a life science and commercial office owner. This was profiled in Watchlist #3 as a potential liquidation. I’ve changed this from a potential to a confirmed liquidation. They recently announced the results of a strategic review. They couldn’t get an offer close to NAV so have decided to implement a managed wind down over the next 12-18 months. Cash flow is tight with this REIT, as they need to fit out lab space and complete developments. All their buildings are in the “Golden Triangle” and the market is oversupplied. Sentiment is quite poor around LABs but could present an opportunity in the future. NAV £0.663. Timeframe 2.5 years.
Conclusion
That’s all for this watchlist. Let me know if you have any interesting ideas.
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Disclaimer: The content in this write-up is for informational purposes only and should not be construed as financial or investment advice All opinions expressed are my own. Please do your own research or consult with a professional before making any investment decisions.
Disclosure: I, or members of my family, hold shares in NZE:APL, TSE:FCA.U, LON:ZYT, NYSE:AIV, LON:ASLI, TSE:ERE.UN, ASX:NXS, LON:LABS and could potentially hold shares in any of the mentioned companies in the future.
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