09 JULY 2010

Cash position

Attached is the summary of cash balances held at 30 June 2010.

PDF Cash summary 30 June 2010

Loan book

Attached is the summary of the loan book position at 30 June 2010.

PDF Loan book summary 30 June 2010

During June 2010, three loans were repaid in full realising £1.3million.

The loan book figures have been converted into Sterling using exchange rates as at 30 June 2010.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 30 June 2010, and we have calculated that they would add a further £2.6million to the value of receipts due on these loans.

Third distribution

I can confirm that the third distribution of 11.1% has been paid today to all creditors whose claims have been agreed, bringing total distributions to date to 51.1%.


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