Secure Property Development & Investment plc
Secure Property Development & Investment Plc (SPDI) is a Cyprus-incorporated, AIM-listed company historically engaged in investing in, developing, and managing commercial and land real estate assets in South East Europe (Ukraine, Romania, formerly Bulgaria/Greece). During FY2025 the Company completed the disposal of its entire remaining property portfolio (a Romanian logistics joint-venture interest and Ukrainian land plots), becoming an asset-free listed shell, largely as part of a multi-year transaction with Arcona Property Fund N.V. The Board is now pursuing a potential reverse takeover of/transaction with AdvEn Inc., a Canadian producer of activated carbon materials for the energy storage market, to reposition the Company.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 29 Jun 2026 · 82 pages · Company website
Secure Property Development & Investment Plc (SPDI), which owned property in Romania and Ukraine, sold everything it had left during the year and is now a listed company with no assets. Revenue fell to €783k from €1.3m, and the loss after tax widened to €4.4m from €838k.
The report says income fell because its last rent-earning asset, a logistics park in Bucharest, was sold. Running costs rose about 25%, mainly because of VAT (a sales tax) that it had to absorb as a cost while winding down. On top of that came one-off costs. The largest was a loss on selling its subsidiaries, plus deal expenses and extra pay for directors and staff.
Cash at the year end was €27k, down from €1.2m, against €658k borrowed from directors and related parties. No dividend was paid. Shareholders are instead due shares in Arcona Property Fund, but handing them over has been delayed. Management is pursuing a possible takeover deal with AdvEn, a Canadian maker of carbon materials for energy storage. No binding agreement had been signed. The auditor warned of a material uncertainty over whether the company can keep going.
Rental and service-charge income from Innovations Logistics Park, Bucharest (continuing operations, invoiced by the Company under a lease arrangement until the asset's sale)
Income from continued operations represents rental income and service charges/utilities income collected from tenants in Innovations Logistics Park, part of which was invoiced by the Company as required by the lender
page 48Administration expenses increased ~25% mainly due to VAT amounts the Group was forced to expense as part of minimizing its operations
Administration costs increased by ~25%, mainly as a result of VAT amounts expensed as part of the minimization of operations; recurring EBITDA fell to -€188,744 from €115,791
page 72025 was the year when all property assets had been contributed to Arcona Property Fund N.V., and the Board commenced the process to distribute the Arcona shares to shareholders; SPDI signed a Heads of Terms with AdvEn Inc. in October, and involvement in progressing discussions has been continuous and substantial, with the objective of SPDI shareholders benefiting from value generation under a revised strategy.
page 4No dividends were declared during 2025. Instead, shareholders have received value via share-premium reductions (€11,705,448 approved July 2024 and €850,000 approved April 2025), distributed pro rata via Arcona Property Fund N.V. shares and/or cash at the Board's discretion
page 6811 years on one page · FY2015–FY2025
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EUR millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
5 figures restated in a later report
Every figure is read again from the following year’s report: 262 confirmed, 9 differ, 5 restated.
No figure has been restated: every figure a later report printed again, it printed the same.
5 more figures were restated in FY2015 to FY2022, which a free account opens.