The update confirmed progress at the operational level, with two schemes recently achieving financial close, but also a pragmatic decision to preserve cash. Cash circulation has been adversely affected by a second bid for AH Medical Properties, its property partner. As a result, AH withdrew the resolution to approve October's final dividend, but it still intends to declare a special interim dividend as soon as practicable. The underlying business is stable, but we have reduced profit forecasts by £1.5m due to the bid disruption and consider the impact on Ashley House of possible outcomes.

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