Strategy

The Normandy business model requires investments to be selected through a research-focussed investment process, with development of projects to be undertaken through individual Investee Companies, and the subsequent disposal of the properties to end users, private investors and institutional investors.

Normandy plans to invest all of NCM's available cash resources within the first two years of operation, taking into account the retention of sufficient funds to provide NCM with adequate operating capital. As each local Investee Company completes its project, it will be liquidated and the capital returned to its shareholders.

It is anticipated that all assets will be divested within the time frame of seven years, with the resultant funds to be either reinvested or distributed to NCM's shareholders, subject to the NCM distribution policy. Where Normandy feels that any reinvestment in new projects cannot be completed within the 7 years window, the project will not be taken up.