LXB still has potential

Understandably, gaining consent helped attract retailers. A full 26 new pre-let agreements were signed, boosting the rent roll by £5.2m to £18.4m, and there's a further £3.8m of rent under offer. Adjusted book value consequently rose by nearly 16 per cent to 134.5p a share, benefiting from a £38.5m revaluation surplus that took the value of the investment property portfolio up to £246m.

However, there is much more value still locked away. The company said negotiations - some at an advanced stage - are under way that could lead to the sale of three investments that, on completion, could generate cash of around £140m. Furthermore, because of guidance rules used to value the portfolio, the total development value may be understated.

As a result of this, the company has decided to delay the AGM until March 2015, to allow shareholders to be briefed comprehensively on the portfolio's potential worth. This is important because at that meeting shareholders will vote on whether to wind up the company. If this happens, the potential uplift may not be fully realised.