From the administrators' statement

The Company was incorporated in The Netherlands and more recently registered as an overseas company in the United Kingdom The Company acts as a non-trading holding company whose sole purpose was to hold a 100% shareholding in a Spanish entity, Samos

Samos ts a property holding company which owns 1,136 properties across Spain, all of which are occupied by Santander

Savills carried out a valuation of the properties owned by Samos. This valuation showed that the property values were insufficient to repay the Secured Debt As such, Samos was deemed to be insolvent on a balance sheet basis and there was no value in its shares

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Sant Midco Holdings B.V. (FC031898)

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