Nearly match over for Rugby Estates

That process is now coming to an end, with £51.8m already distributed to shareholders, including £6.4m in July. Chief executive Andrew Wilson - now working part-time - says he hopes to have sold Rugby's remaining six properties by the first or second quarter of 2013. But don't be fooled by the apparent discount to NAV - after roughly £1.9m of liquidation costs, he hopes to realise between 370p and 470p per share, with the risks "weighted towards the downside".

This is a wide range that has been reduced since the May annual results. That's because Mr Wilson is now selling "the rump of the portfolio" into a weak market. The largest asset is a residential land site in Bridgwater, Somerset. Although housebuilders have hit a purple patch, demand for land outside of London remains mixed. Moreover, some of the commercial properties are vacant and others have short leases. "It's hard to obtain debt, and those who have equity know the strength of their position. It's a buyers' market," says Mr Wilson. A number of potential deals have fallen through.