PIHCL will hold an AGM before the end of 2025. The date has not yet been finalised as we are working on several matters before confirming the date.
Business Operations across the P1 sites are reported to be going from strength to strength, with revenue increasing from last year and investment being made into logistics at the sites including new buses at the car parks and maintenance of sites. Efforts remain ongoing to try and secure a suitable tenant for the currently unused Glasgow sites. Whilst there has been some interest, it would not be possible to give consideration to potentially competitive operators as this would likely interfere with the balance of supply and demand and therefore drive prices down.
When will dividends be paid out?
Dividends will be paid once the shareholder list is fully updated. This is essential to ensure that no shareholders are left without payment. Be assured that the profits received into PIHCL are building in an interest bearing bank account in the meantime.
What else are the Board currently working on?
- OSA Challenge – We are engaged with Michelmores (Law Firm) to challenge the Operating Services Agreement. This has been a contentious issue amongst investors for some time and we are working to improve the terms of the Agreement and subsequent returns for Shareholders.
- Shareholder List Updates – As some of you will be aware, there have been some shares allocated incorrectly; shares that should have been in company names are listed in individuals’ names and a small number of shareholders are holding an incorrect number of shares (i.e Gatwick spaces should represent 5 shares and a Glasgow space, 4. These matters are being addressed by G1, and we are receiving regular updates. Shareholders affected by this are being contacted in due course by G1 (not PIHCL).
- Director Resignation – Our Chairperson, Claire Burden has resigned from her position on the Board and has confirmed that her fee will cease with immediate effect (as of 25.09.25). This is effectively a saving of £5000 per month. Emma Richley has taken over the Chair position.
- S&W / CVA Payments – Whilst not a PIHCL matter, we have been provided with an update from S&W regarding the outstanding CVA payments. They state that it is their intention to release a Notice of Intended Distribution by the end of 2025. This will cover payment dates and methods.
We will be in touch in the coming weeks with AGM details.
Regards
PIHCL Board of Directors
