Noteworthy advances in FY25

The London Tunnels’ (TLT’s) FY25 results mark a clear inflection point for the company as it has transitioned from a development-stage vehicle to an asset-backed infrastructure business, underpinned by an independently valued long-dated property asset, a strengthened equity base and the establishment of institutional-grade governance. Key developments during the year were receiving planning permission from both the City of London Corporation and the London Borough of Camden. Following period-end, the company delisted from Euronext Amsterdam. This was driven by a technical market-structure issue, primarily the application of UK Stamp Duty Reserve Tax (SDRT), which created settlement inefficiencies and limited investor access. The delistin...