news

ange of risk factors relating to the Company, its industry and its ordinary shares were set
out on pages 17 to 28 of the Company's Prospectus issued in July 2017 (available from the
Company's website).
The Board considers that the principal risks and uncertainties currently faced by the Group
include, but are not limited to:
Property Risk
· The default of one or more of our lessees would reduce revenue and may affect our
ability to pay dividends
· The lower than expected performance of the Portfolio could reduce revenue, thereby
affecting our ability to pay dividends, or lead to a breach of our banking covenants, due to a
change in property valuations
· Our ability to grow the Portfolio may be affected by competition for investment
properties in the supermarket sector
· Our performance will depend to a certain extent on the performance of the UK
supermarket sector
Financial Risk
· Our use of unhedged floating rate debt to part finance the Group's property activities will
expose the business to underlying interest rate movements
· A lack of debt funding being available at appropriate rates may restrict our ability to
grow the Portfolio
· We must be able to operate within our banking covenants and failure to do so could
lead to default and our bank funding being recalled
Taxation Risk
· We are a UK REIT and have a tax-efficient corporate structure, with advantageous
consequences for UK shareholders. Any change to our tax status or in UK tax legislation
could affect our ability to achieve our investment objectives and provide favourable returns
to shareholders
Political and Economic Risk
· The vote to leave the European Union in June 2016 has resulted in political and
economic uncertainty that could have a negative effect on the performance of the Group
Corporate Risk
· The Group is externally managed by the Investment Adviser. We rely on the Investment
Adviser's services and reputation to execute our investment strategy. Our performance will
depend to some extent on the Investment Adviser's ability and the retention of its key staff
ALTERNATIVE INVESTMENT FUND MANAGER (the "AIFM")
JTC Global AIFM Solutions Limited was appointed with effect from the time of the
Company's IPO as the AIFM under the terms of the AIFM Agreement and in accordance
with the AIFM Directive.
The AIFM is authorised and regulated by the GFSC.
The AIFM is responsible for the day to day management of the Company's investments,
subject to the investment objective and investment policy and the overall supervision of the
Directors. The AIFM is also required to comply with on-going capital, reporting and
transparency obligations and a range of organisational requirements and conduct of
business rules. The AIFM must also, as the AIFM for the Company, adopt a range of
policies and procedures addressing areas such as risk management, liquidity management,
conflicts of interest, valuations, compliance, internal audit and remuneration.
DIRECTORS' RESPONSIBILITY STATEMENT