Aberdeen Investments acquired the estate in 2021 for £7.5m to offset its corporate investment fund’s residual carbon emissions as part of its net-zero strategy. Aberdeen attempted to sell the estate, which was originally marketed for offers over £12m. Savills is now marketing Far Ralia for offers over £6.9m.

The board said it remains “firmly focused” on disposing of Far Ralia “at an appropriate value and on acceptable terms,” but confirmed that despite a number of prospective buyers progressing to detailed due diligence, none has yet converted into a transaction. Neither the board nor the investment manager currently have “sufficient visibility” to say a sale is imminent. The company said uncertainty around the future value of carbon credits and wider natural capital markets continues to weigh on buyer confidence, adding that these conditions are being felt across the sector rather than being specific to Far Ralia.

The board is also considering delisting from the London Stock Exchange to reduce future running costs, weighed against one-off transaction costs and what it called “potentially onerous regulatory implications.”

The trust also does not generate property rental income, with its ongoing operating costs exceeding the interest income earned on its cash holdings, resulting in a reduction in Net Asset Value (NAV) over time.

During the six months ended 30 June 2026, NAV per share decreased from 3.19p to 2.98p, a fall of 6.4%. This mainly reflects a reduction in the valuation of Far Ralia (0.11p) and the ongoing running costs of the company (0.07p), which together do not fully account for the total 0.21p movement. The current NAV is 2.98p, of which 1.59p relates to Far Ralia at a value of £6.05m.

API’s share price fell 21.9% over the period, from 2.37p to 1.85p, a steeper decline than the fall in NAV per share. The discount to NAV widened from 25.6% to 38%. Net assets fell from £12.14m to £11.37m, of which £4.3m is held in cash. Ongoing charges nearly doubled, rising from 3.47% to 6.16% of average net assets.

Chair Mike Balfour said in a statement: “The board and investment manager remain firmly focused on achieving the Company’s principal objective of disposing of its remaining asset, Far Ralia, at an appropriate value and on acceptable terms. In parallel, the Board has continued to prioritise the careful management of the Company’s cost base, seeking to minimise ongoing expenses and preserve value.

“The sale of Far Ralia would represent the final step in the winding-up process, following which the Board intends to place the company into liquidation, facilitating the eventual return of the net proceeds to shareholders in an efficient and orderly manner.”

On the forestry grant, Balfour added: “The investment manager continues to oversee the grant funding process and has been advised by Scottish Forestry that all necessary approvals are now in place to facilitate the release of the £1.65 million grant funding recognised to date. While receipt of these funds has taken considerably longer than originally anticipated, we understand that only a final administrative matter remains outstanding before payment can be made.”

A further £0.91m of the total £2.56m grant is not contingent on maintenance or replanting but cannot be claimed until the 2026/27 tax year at the earliest, and will only be paid to whichever entity owns Far Ralia at the point the claim is approved. The board has been advised that future maintenance costs are likely to be small relative to that balance, and is still assessing whether to claim it now or leave it for a buyer to claim instead.