01 JUNE 2009

Update on the Liquidation Process

On 27 May 2009, the Isle of Man High Court granted an Order confirming the powers of the Provisional Liquidators to issue a Notice of Intended Dividend and to call for Proof of Debts to be submitted by creditors.

The Order also confirmed that the first meeting of creditors is to be held within six weeks of the Winding Up Order. At that meeting, a report will be laid before the creditors in respect of the progress in the liquidation to date. Creditors will be invited to vote, in person or by proxy, in respect of the appointment of Peter Spratt and myself as Joint Liquidators and in respect of the membership of a Committee of Inspection.

Information will be issued shortly to all creditors, both in respect of the claims process and in respect of the arrangements for the meeting of creditors.

In the meantime the Joint Provisional Liquidators are working with the manager of the Depositors Compensation Scheme ("DCS") to ensure that payments are made to creditors as soon as practically possible. Information on the liquidation of KSFIOM will continue to be available on this website.

Sale of Booker Group Plc Shares

On 21 May 2009, the Company lodged certain regulatory notifications confirming ownership of a substantial block of shares in Booker Group Plc. Having sought advice on the appropriate strategy with regard to the disposal of this holding and after careful consideration, the Joint Provisional Liquidators took the decision to place the shares into the market on 28 May 2009. Whilst as a result £93.5 million was realised, due to certain restrictions which were necessary to effect the sale, the funds will not be available for distribution to creditors for a period of 6 to 12 months.

Contacts

As previously advised, the best way to make contact with the Joint Provisional Liquidators and Joint Deemed Official Receivers 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 Provisional Liquidator and Joint Deemed Official Receiver