09 JUNE 2010

Cash position

Attached is the summary of balances held at 31 May 2010.

PDF Cash Position 31 May 2010

Loan Book

Attached is the summary of the loan book position at 31 May 2010.

PDF Loan Book 31 May 2010

During May 2010 three facilities were redeemed in full realising £2.5m and several partial redemptions totalling £3.2m were collected, totalling £5.7m.

The loan book details shown have been converted to sterling using exchange rates as at 31 May 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 31 May 2010, and we have calculated that they would add a further £2.25m to the value of the receipts due on these loans.

Third distribution

I can confirm that it is our intention to pay a third distribution in July 2010. The amount of distribution is expected to be in the region of 11%. The amount will be confirmed nearer to the distribution when the amount of cash available is known.

Any creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme, are asked to submit their claims as soon as possible to ensure that they receive the distributions to which they are entitled.


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