Press Releases

TMR Capital (PTC) Limited’s View on Northwest Healthcare Properties REIT

September 16, 2025

TMR Capital (PTC) Limited (“TMR”), with a shareholding in Northwest Healthcare Properties REIT (“Northwest”), believes, in its opinion, that the board of Northwest (the “Board”) should consider its recommendations for strategy aimed at returning value to shareholders, which TMR has communicated to the Board as listed below:

• TMR, in its opinion, does not believe Northwest has a future as a Canadian Real Estate Investment Trust (“REIT”) given the complexity and geography of its holdings and should be restructured as follows:
• The Canadian assets should be demerged and listed as a separate Canadian REIT
• The US assets should be sold or merged into a US REIT
• The European assets should be sold or merged into a European REIT
• The Brazilian assets should be sold
• The Australasian assets should be possibly merged and spun off or sold separately
• Overhead expenses, which are high as a result of the abovementioned complexity, need to be reduced through increased efficiency to bring EBITDA in line with peers. TMR believes that this will occur as part of the above restructuring.
• TMR believes operating efficiencies can increase such that the consolidated EBITDA margins can improve by at least 4 cents per share annually
• TMR has spoken to institutional investors and advisors who share similar concerns as regards the above changes
• All excess proceeds should then be returned to Northwest shareholders as special dividends.
• TMR believes, in its opinion, with its assistance on the Board, that a breakup value in excess of C$6/share can be achieved within a finite period, excluding dividends received from the ongoing operation.
• Two TMR representatives to go on the Board and assist in the above strategy
• TMR is of the opinion that the capital markets will recognise the value of the above strategy and welcome TMR’s role on the Board

TMR Capital (PTC) Limited’s View on the Assura plc Acquisition Offers

August 11, 2025

TMR Capital (PTC) Limited (“TMR”), with a shareholding in Assura plc (“Assura”, the “Company”), believes, in its opinion, that the board of Assura (the “Board”) should reconsider its recommendation for the shareholders of Assura to accept the Primary Health Properties plc (“Primary”) offer and either renegotiate its offer, or recommend the offer from Sana Bidco Limited (“Sana”) given the reduction in Primary’s share price.

At current levels, the Primary offer is now lower than the Sana offer, involves far more shares vs cash received and uncertainty post-merger as regards CMA approval/requirements and excessive debt levels in the combined entity.

TMR is of the opinion that the merged entity may well require a capital increase in addition to asset dispositions in order to bring debt back to acceptable “REIT” levels.

TMR has communicated this to the Board and its advisors.

TMR Capital (PTC) Limited’s View on the Announced Sale of The Restaurant Group

October 16, 2023

TMR Capital (PTC) Limited (“TMR”) notes the Restaurant Group Limited (the “Company”) announcement of October 12, 2023, and the sale of the Company at 65 p/share subject to any approvals required, including shareholder approval.

TMR believes the sale figure significantly undervalues the Company. We believe, in our opinion, that, on a present value basis, the Company’s value exceeds 80 p/share. TMR believes the Company should sell the pub portfolio and all other non-core assets to pay down debt, reduce overhead costs significantly, and focus on Wagamama as outlined in our press release dated 27 July 2023.

TMR Capital (PTC) Announces Expression of Interest in NorthWest HealthCare REIT’s UK Portfolio

September 25, 2023

TMR Capital (PTC) Limited (“TMR”) has communicated to NorthWest HealthCare REIT (the “REIT”) its non-binding expression of interest to purchase the REIT’s UK portfolio along with partner(s). TMR is a BVI incorporated company specialising in investing in undervalued companies which it believes need to be repositioned, as well as in investing in joint ventures in real estate backed properties. It and its partners have specific knowledge of the UK healthcare sector, including certain assets owned by the REIT.

TMR is an existing minority unitholder in the REIT.

TMR Capital (PTC) Limited’s strategic vision for The Restaurant Group

July 27, 2023

TMR Capital (PTC) Limited (“TMR”), with a 1.75% shareholding in The Restaurant Group plc (“TRG”, the “Company”), believes, in its opinion, the non‑core assets of the group should be sold, namely the pubs division (the “Pubs”), the leisure division (“Leisure”) and the concessions division (“Concessions”).

TMR estimates that the sale of the Pubs and Leisure, based on its analysis and opinion, should enable a full pay down of TRG’s debt.

In addition, once the above has been achieved, TMR believes, in its opinion, that overheads outside of Wagamama, which it estimates to be no less than £25 mn., based on its analysis of the Company prior to the Wagamama acquisition, can on the whole be eliminated.

TMR therefore believes, in its opinion, that within c. 12 months of such events, the Company will have liberated in excess of c. £30 million in cashflow, or c. 4p per share. TMR has asked for the Company to comment on the above analysis, but it has declined to do so.

This available cashflow, in TMR’s opinion, should be used for:

• Reinvestment into Wagamama – Wagamama’s growth prospects, in TMR’s opinion, including buying out the US joint‑venture partner and renegotiating franchises in Europe and the Middle East, would be greatly enhanced as a result of reinvestment and a focus on this core asset.
• To pay a dividend within 12 months – Assuming the Company’s tax losses from the write down of the acquisitions and losses in the last four years balance any potential corporate tax liability, TMR estimates, in its opinion, that after retaining cash for reinvestment in Wagamama, the Company should have cashflow available for dividend distribution on a recurring basis. TMR believes, in its opinion, that in the first year, the Company can distribute approximately 50% of the liberated cashflow and therefore reinstate a dividend programme far earlier than expected, which TMR estimates to be around 2p per share or a dividend yield of around 5% based on a share price of 40p.

We note that the Company has agreed to review/revisit its remuneration‑related resolutions that were passed at the AGM dated May 23, 2023, and in parallel, that it is willing to consider disposal offers that are in the best interests of shareholders. TMR believes this to be a positive step forward.