Urban Exposure drives ahead with winding down strategy

Urban Exposure is taking steps in its strategy to wind down the company with plans to distribute £43m to shareholders in the next two months. It has boosted its cash balance to £65.5m from £51m in late September and almost doubled its shareholder payout, up from an anticipated £26m. It said the nature and timing of the capital return will be announced in due course. The investor announced plans to enter voluntary solvent liquidation in June, with the resignation of chief executive Randeesh Sandhu and chief operating officer Daljit Sandhu. Urban Exposure has also reduced its forecast capital drawdown obligation from £10.2m to £7.7m.   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette