11 DECEMBER 2009

Cash position

Attached is summary of balances held at 30 November 2009.

PDF Balance 30 November 2009

Loan book

Attached is the summary of the loan book as at 30 November 2009.

PDF Loan Book 30 November 2009

KSFUK claim

The Administrators of KSFUK have declared a second distribution of 10%, bringing cumulative distributions to 30%. They have also indicated their intention to pay a further dividend in April or May 2010, but are unable at this stage to indicate a percentage. They are also unable at present to indicate the timing or amount of further distributions, which will be dependent upon asset realisations.

PDF Claim against KSFUK

Estimated outcome

Now that we have better information about the performance of the loan book and the estimated distributions from KSFUK, we have been able to produce an estimate of future distributions for creditors. Our current estimate is that ultimate distributions will be between 82.88% and 93.76%, however it should be borne in mind that these figures are based on estimations of future asset realisations, and therefore neither the timing or value of future distributions can be guaranteed. These estimates will be updated periodically when further information becomes available.

PDF Dividend Summary


As previously, the best way to make contact is to write to the bank or email branch@singers.co.im. If you need to telephone the bank, please use the main switchboard number +44 1624 699222.


Mike Simpson

Joint Liquidator