Further to the announcement on 9 December 2019 the Board of Hadrian's Wall Secured Investments Limited has concluded its strategic review of the options available to the Company. The Board has determined that the Company should be put into managed wind-down with cash returned to shareholders in a timely and efficient manner. The Board therefore intends to publish a circular to shareholders within the next few weeks and to convene an extraordinary general meeting at which it will seek approval from shareholders to amend the Company's investment objective and policy and approve any related matters necessary to facilitate a managed wind-down. If approved the Board will then endeavour to realise all of the investments in a manner that achieves a balance between maximising the value received from investments and making timely returns to shareholders. The Board anticipates being able to make an initial distribution to shareholders in the second quarter of 2020. At present the Board, based upon the outcome of its ongoing strategic review and the advice of Hadrian's Wall Capital Limited, the Company's investment adviser, considers that the existing reserves associated with the remainder of the loan portfolio are appropriate.