Shares in Howmac

The par value of the shares was consolidated during 2011 from 2p to £80, on a 4,000 for 1 basis.

Transactions over the twelve months to 20 Apr 2015 have been rare and normally related to disposals by Estates.  These were at a discount of 20% to the (unaudited) Tangible Net Asset Value (NTAV).  At the end of April the NTAV was £473, and the most recent share trade was at £375.

NTAV is subject to market volatility and may change without notice.  Small shareholders have requested to sell their holdings from time to time, the directors or parties associated with them, have upon request purchased shares, at a price agreed with the seller.  Typically such sales have taken place through an off-market transaction, on the completion of a standard stock transfer form.  Items sent through the post are at the shareholder's risk.

Apart from Stamp Duty where applicable, there have been no transaction costs on either side.

Howmac Ltd - Meon House, Stratford Road, Mickleton, Chipping Campden, Glos GL55 6SU
Incorporated in England & Wales - Registered Number 1942924