Update (PM)

Every report since the beginning has been filled with false optimism and ambitions, that were clearly unattainable. It is not clear when exactly they knew, they would get rejected by the bank for refinancing; it may well have been ages ago as it has been dragging for forever.
I am sure there is some misinformation there too. Clearly the banks are looking at the portfolio and are not liking something. Instead of saying straight what the problems are, they are blaming it on banks' 'bad behaviour' and difficult climate. This is clearly non sense; the residential property market is very healthy at the moment.

It is better to liquidate the portfolio and return monies to shareholders, especially while exempt from stamp duties (if applicable). Although I don't know if they can, as I suspect there might be many gremlins in the cupboard they haven't told us about (and will probably blame it on someone else's 'bad behaviour'). If the portfolio is clean and not overvalued, then there should be nothing to worry about. What annoys me is that, it is not clear where all the rent is going (they say it's costs and renovations) but it is really not clear...Since not all properties need renovation, only a proportion should be going to costs and renovations, shareholders should be given the rest as dividends, at least as some kind of token for waiting all this time.

I don't like the smell of it anymore and I think the time has come to liquidate the whole lot.

The portfolio consists mostly of low value low quality housing in undesirable areas and consequently maintenance and operating costs are high, not typical bank fodder.

Short term finance, probably, is secured against the sounder investments and at the quoted rate and LTV may be the best chance of making money from this enterprise.

Email is in, they will sell off the portfolio as they couldn’t get the long-awaited finance, after paying off three different types of creditors.

I wonder how much will be left for shareholders when all is said and done.

Nope, was never informed of an AGM. You would think shareholders permission would be required to radically change company strategy and sell of the portfolio.

On the bright side, at least the property market is strong now.

5% that's probably what will be left for shareholders after all the debt to creditors, management costs, renovations and maintenance costs are taken care of.
This has turned out to be another pipedream gone wrong using investors funds.

A few points

1) Taking out expensive loan notes when mortgages should have been taken in the first place
2) Taking out even more loans with priority rights from a select number of shareholders, when was this announced?
3) Selective distribution of monthly communications to shareholders, which apparently will be fixed from this month, a bit late isn't it now the the plan is in shatters.
4) Spending 3+ years trying to float the business with nothing positive to show
5) Spending £10,000 on renovations on a property valued at £30,000, where the neighbouring properties had never sold at a higher price then £35,000
6) Where has the monthly rent disappeared to?

UK Diversified Property PLC is a Public Limited Company not a private limited company.