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Registered number: 11080025 M7 REAL ESTATE INVESTMENT HOLDINGS LTD DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
M7 REAL ESTATE INVESTMENT HOLDINGS LTD COMPANY INFORMATION
Directors | D C Ebbrell
| T J Pearman
| D J Simmonds
Registered number | 11080025
Registered office | 10 Queen Street Place
| London
| EC4R 1AG
Independent auditors | HaysMac LLP
| 10 Queen Street Place
| London
| EC4R 1AG
M7 REAL ESTATE INVESTMENT HOLDINGS LTD CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditors' Report | 3 - 6
Statement of Comprehensive Income | 7
Statement of Financial Position | 8
Statement of Changes in Equity | 9
Notes to the Financial Statements | 10 - 16
M7 REAL ESTATE INVESTMENT HOLDINGS LTD DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors
The directors who served during the year were:
D C Ebbrell
T J Pearman
D J Simmonds
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors
The auditors, HaysMac LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 1
M7 REAL ESTATE INVESTMENT HOLDINGS LTD DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
................................................ D J Simmonds Director
Date: 1 July 2026
Page 2
M7 REAL ESTATE INVESTMENT HOLDINGS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M7 REAL ESTATE INVESTMENT HOLDINGS LTD
Opinion
We have audited the financial statements of M7 Real Estate Investment Holdings Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 2025 and of its loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Page 3
M7 REAL ESTATE INVESTMENT HOLDINGS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M7 REAL ESTATE INVESTMENT HOLDINGS LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. Page 4
M7 REAL ESTATE INVESTMENT HOLDINGS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M7 REAL ESTATE INVESTMENT HOLDINGS LTD (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud: Based on our understanding of the Company and industry, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and income tax. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimates. Audit procedures performed by the engagement team included: ∙Considering correspondence with regulators and tax authorities; ∙Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; ∙Evaluating management’s controls designed to prevent and detect irregularities; ∙Identifying and testing journals, selecting journals for testing based on our fraud risk assessment; and ∙Challenging assumptions and judgements made by management in their critical accounting estimates. This included but was not limited to investment valuation and debtor recoverability. Page 5
M7 REAL ESTATE INVESTMENT HOLDINGS LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF M7 REAL ESTATE INVESTMENT HOLDINGS LTD (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Jessica Edwards (Senior Statutory Auditor) for and on behalf of HaysMac LLP Statutory Auditors 10 Queen Street Place London EC4R 1AG 1 July 2026 Page 6
M7 REAL ESTATE INVESTMENT HOLDINGS LTD STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Administrative expenses |  | (24,396) | (20,645)
Operating loss |  | (24,396) | (20,645)
Intercompany receivables impairment charge |  | (150,792) | (2,439,012)
Interest receivable and similar income | 6 | 127,512 | 107,877
Interest payable and similar expenses | 7 | (127,512) | (107,877)
Loss before tax |  | (175,188) | (2,459,657)
Tax on loss | 8 | - | -
Loss for the financial year |  | (175,188) | (2,459,657)
There was no other comprehensive income for 2025 (2024: £nil).
The notes on pages 10 to 16 form part of these financial statements.
Page 7
M7 REAL ESTATE INVESTMENT HOLDINGS LTD REGISTERED NUMBER: 11080025 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 9 |  | - |  | -
Current assets |  |  |  |  |
Cash at bank and in hand | 10 | 34 |  | 34 |
|  | 34 |  | 34 |
Creditors: amounts falling due within one year | 11 | (2,675,773) |  | (2,500,585) |
Net current liabilities |  |  | (2,675,739) |  | (2,500,551)
Net liabilities |  |  | (2,675,739) |  | (2,500,551)
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 1 |  | 1
Capital contribution | 13 |  | 1 |  | 1
Profit and loss account | 13 |  | (2,675,741) |  | (2,500,553)
|  |  | (2,675,739) |  | (2,500,551)
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ D J Simmonds
Director
Date: 1 July 2026
The notes on pages 10 to 16 form part of these financial statements. Page 8
M7 REAL ESTATE INVESTMENT HOLDINGS LTD STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Capital contribution | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2024 | 1 | 1 | (40,896) | (40,894)
Loss for the year | - | - | (2,459,657) | (2,459,657)
At 1 January 2025 | 1 | 1 | (2,500,553) | (2,500,551)
Loss for the year | - | - | (175,188) | (175,188)
At 31 December 2025 | 1 | 1 | (2,675,741) | (2,675,739)
| The notes on pages 10 to 16 form part of these financial statements.
Page 9
M7 REAL ESTATE INVESTMENT HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
The Company is a limited company and is incorporated and domiciled in England and Wales. The address of its registered office is 10 Queen Street Place, London, EC4R 1AG, United Kingdom. The principal place of trading is 7th Floor, Blue Fin Building, 110 Southwark Street, London, United Kingdom, SE1 0SU. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; - paragraphs 76 and 79(d) of IAS 40 Investment Property; and ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of Oxford M7 Platform Holding Company Limited as at 31 December 2025 and these financial statements may be obtained from the registered office at Gen II Corporate Services (Jersey) Limited, 47Esplanade, St Helier, Jersey, JE10B. Page 10
M7 REAL ESTATE INVESTMENT HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Exemption from preparing consolidated financial statements
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
| 2.4 | Going concern
The directors, after making enquiries and considering the available resources, the future plans for this entity, together with the available cash and committed borrowing facilities, have formed a judgement that there is a reasonable expectation that the Company has adequate resources to continue operating for the foreseeable future. Therefore the going concern basis has been adopted in preparing the financial statements.
| 2.5 | Foreign currency
The Company's functional and presentational currency is GBP.
| 2.6 | Interest income
Interest income is recognised in the Statement of Comprehensive Income in the period to which it relates.
| 2.7 | Finance costs
Finance costs and interest payable are charged to the Statement of Comprehensive Income in the period to which they relate.
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. Page 11
M7 REAL ESTATE INVESTMENT HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.10 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
| 2.11 | Financial instruments
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below: Financial assets The Company classifies all of its financial assets as loan and receivables. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of contractual monetary asset. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or default or significant delay in payment) that the Company will be unable to collect all of the amounts due under the terms receivable, the amount of such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. For trade receivables, which are reported net, such provisions are recorded in a separate allowance account with the loss being recognised within administrative expenses in the Statement of Comprehensive Income. On confirmation that the trade receivable will not be collected, the gross carrying value of the asset is written off against the associated provision. Financial liabilities The Company classifies all of its financial liabilities as liabilities at amortised cost liabilities. At amortised cost Financial liabilities at amortised cost including bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried into the Statement of Financial Position. Page 12
M7 REAL ESTATE INVESTMENT HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts recognised in these financial statements. The nature of estimation means that actual outcomes could differ from those estimates. In the opinion of management, the impairment of the Investment in subsidiary undertakings is based on estimates and judgements. Any changes to these estimates and judgements would impact the impairment value and could have a material impact on the financial statements.
4. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors and their associates:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements | 12,900 | 11,900
5. | Employees
| The Company has no employees other than the directors, who did not receive any remuneration (2024 - £nil).
6. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest income on loans from subsidiary undertakings | 127,512 | 107,877
7. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Interest payable to group companies | 127,512 | 107,877
Page 13
M7 REAL ESTATE INVESTMENT HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
8. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (175,188) | (2,459,657)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | (43,797) | (614,914)
| Effects of: |  |
| Intercompany impairment charge | 37,698 | -
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | - | 609,753
| Deferred tax not recognised | 6,099 | -
| Unrelieved tax losses carried forward | - | 5,161
| Total tax charge for the year | - | -
Page 14
M7 REAL ESTATE INVESTMENT HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 January 2025 | 6,230,001
| At 31 December 2025 | 6,230,001
| Impairment |
| At 1 January 2025 | 6,230,001
| At 31 December 2025 | 6,230,001
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
10. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 34 | 34
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,301 | 13,200
| Amounts owed to group undertakings | 2,653,298 | 2,469,626
| Accruals | 21,174 | 17,759
|  | 2,675,773 | 2,500,585
Page 15
M7 REAL ESTATE INVESTMENT HOLDINGS LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 1 (2024 - 1) Ordinary share of £1.00 | 1 | 1
13. | Reserves
Profit and loss account This reserve records retained earnings and accumulated losses. Capital contribution This represents an amount received by the Company that was not a loan and no share capital was issued at the time of contribution receipt.
14. | Controlling party
The immediate parent of the Company is M7 Real Estate Asset Holdings Ltd, a company incorporated in England and Wales. The smallest and largest group preparing consolidated financial statements is headed by Oxford M7 Platform Holding Company Limited, registered at Gen II Corporate Services (Jersey) Limited, 47Esplanade, St Helier, Jersey, JE1 0B. The ultimate parent company is Oxford European Holdings Inc., a company incorporated in Canada. The ultimate controlling party is OMERS Administration Corporation, a pension fund registered in Canada.
Page 16