History

September

Home & Capital announces new contract to manage 1,000 properties for a major international financial institution.

January

Re-purchases 51,000 shares @250p, to be held as Treasury Shares.

March

Acquistion of the Welfare Dwellings Trust, a residential property company and regulated home reversion plan provider.

August

Re-purchases for cancellation 150,800 shares @ 330p.

September

Home & Capital acquires Hinton & Wild, a specialist equity release advisory business, which it has integrated with its advisory arm.

December

Re-purchases 134,050 shares @260p, to be held as Treasury Shares.

March

Acquisition of a portfolio of 112 shared equity loans for a consideration of £3.2m.

August

Issue of 1 million shares at 350 pence per share to Pension Insurance Corporation Holdings LLP.

August/September

Acquisition of remaining 59.5% shareholding in Home & Capital for a total consideration of £1.39m, valuing the company at £2.33m.

January

Acquisition of portfolio of shared equity loans from Montpellier Group for £1.9m.

March

Offer to remaining shareholders of Capital Reversions PLC, valuing the company at £3.5m. Offer declared unconditional in April 2005.

April - September

Acquisition of the remaining shares in Capital Reversions PLC.

April

Raised £17.5m, net of costs, through a Placing of 6m shares to institutional shareholders, plus an Open Offer to shareholders of 1.05m shares. The Placing and Open Offer was fully subscribed @ 260p, including warrants to subscribe for ordinary shares. The shares and new warrants were admitted to AIM. Gross property assets then exceeded £50m.

July

Acquisition of Home Equity Holdings Limited, with assets comprising Home Equity (Sovereign Reversions' corporate manager since 1999) and a 40.9% shareholding in Home & Capital for a consideration of £760,000, settled through the issue of shares and warrants in Sovereign Reversions. On completion, Graeme Marshall became full-time Chief Executive of Sovereign Reversions plc.

October

Acquisition of NHL Reversions Limited, whose assets comprise a portfolio of home reversions valued at £2.4m, from Paragon Group.

April

Issue of 306,000 shares @ 230p through James Sharp & Co.
Gross property assets increased to above £40m.

August

Payment of maiden dividend of 2.5p/share.

April

Re-purchase of 56,416 shares from smaller shareholders @ 140p

August

Acquisition of two portfolios
Issue of 135,000 shares @ 200p

February - April

Completed five acquisitions of Reversionary Gains companies by share exchange and cash. These acquisitions added over 200 home reversions to the portfolio and increased gross property assets to £20m.

September

Acquisition of first portfolio of 14 properties for £450,000
One for five rights issue @ 125p
Issued 150,000 shares @ 132p to a private investor

April

Home Equity (a company controlled by Graeme Marshall) acquired 93% of Sovereign Reversions and provided a cash exit for original BES shareholders @ 116p. Home Equity took over management of Sovereign Reversions and set new corporate strategy.

July

Unlisted warrants issued to existing shareholders.

August/September

Home Equity placed part of its shareholding with private investors and distributed its remaining shares in Sovereign Reversions to its own shareholders and loan note holders. From this date, Home Equity acted solely as manager to Sovereign Reversions.

October

Introduction to OFEX @ 125p, with gross property assets of £3.5m.

October – April 2000

Acquired 29.5% shareholding in Capital Reversions PLC (a similar home reversion investment company) by share exchange and cash.

September

Raised £2m of initial equity @ 100p under Business Expansion Scheme sponsored by Johnson Fry. Proceeds of issue were used to acquire 60 home reversions.