Greenman OPEN: Update on property sales, redemptions and the audit

Here is an update on property sales, redemption payment timing and the 2025 audit.

At a glance
We want to give you a clear picture of where things stand.

• Property sales: The sale of OPEN’s first property portfolio is due to complete in the coming days. Proceeds will repay loans on the properties sold and cover transactions costs.
• Redemptions: We do not expect to begin paying redemption requests before the second quarter of 2027. Requests received after the 26th Sep-25 stay on the share register until funds are available.
• Forced Liquidity Penalty: This will apply to requests received after the third quarter 2025 deadline. The policy is being finalised.
• Audit: We expect to conclude it in the coming weeks, with the Share Prices following in quick succession.

Property sales
The sale of OPEN’s first portfolio of properties completes in the coming days, and we will announce details soon afterwards. The proceeds will go to repaying loans secured on the properties sold and to associated transaction costs, so the sale does not automatically mean redemption payments will start. Our liquidity programme continues, with individual property sales and portfolio sales planned over the coming months. Property sales are a slow and confidential process, so updates may be limited and issued only when appropriate.

Redemptions
We do not expect to begin paying redemption requests before the second quarter of 2027. That is the earliest date and not a target. Payment depends on funds being available, and requests will be dealt with in the order they were received.

If you have asked to redeem from OPEN, you will remain on the share register until there are sufficient funds to meet your request, as set out in the Prospectus. This applies to requests received after the 26th September 2025. Until your request is actioned, you remain a shareholder with the same liabilities and benefits as any other shareholder, so the value of your holding can still rise or fall. The share price at which you will be redeemed will be confirmed once your request has been given a date for removal from the register. Requests received in the third quarter of 2025 will not be redeemed at the Q4-2025 NAV.

Forced Liquidity Penalty
Earlier notifications mentioned that a Forced Liquidity Penalty (FLP) might apply to redemptions received after 26th September 2025. We can now confirm that an FLP will apply to all redemption requests received after the above date. Redemption requests submitted before that date will not be subject to an FLP. The FLP policy is being finalised and will be made available once it has been approved.

The Audit & Share Prices*
The 2025 audit is still taking longer than expected, and we regret that earlier updates and timelines were too optimistic. We expect to conclude it in the coming weeks. Once it finishes, we will publish the Share Price for the fourth quarter of 2025, followed in quick succession by the first, second and third quarter 2026 Share Prices. We will confirm each step as it happens.

* Share Price is the Net Asset Value (NAV) per share.

Staying Informed
To ensure everyone receives the same information at the same time we will continue to share updates on the website and on Clayo. Please keep push notifications switched on so you don’t miss an update.

Important Note
This update is for information purposes only. Shareholders in any Greenman fund are not required to act upon any of the information contained in this update.

This update may include forecasts, forward-looking statements, and estimates. There is a significant risk that targets and milestones mentioned in this update may not be met or may not be met in the expected timeline, and the performance of Greenman funds may be affected if these targets are not met.

This update also may include current and historic information. Historic data and therefore past performance is not a good predictor of future performance.

Nothing in this update should be considered as investment advice or as a recommendation to invest.

Greenman investments are long-term investments. Capital is at risk and is not guaranteed. Past performance is not a good indicator of future performance.

Further Information
If you would like further information, please feel free to contact our investor’s team at enquiries@greenman.com