07 OCTOBER 2010

Cash Position

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

PDF Cash Position

Cash balances decreased by approximately £6million during the month. Loan repayments totalled £1.9million, while catch-up dividends were paid out to creditors totalling £7.9million.

Loan Book

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

PDF Loan Book

During September 2010 one facility was redeemed in full realising £1.9million.

The loan book details shown have been converted to sterling using exchange rates as at 30 September 2010.

The Joint Liquidators have purchased currency options to hedge certain of the future loan receipts. Sterling options purchased to hedge future Euro receipts were matched against the relevant loans included in the summary at 30 September 2010, and we have calculated that they would add a further £1.2million to the value of the receipts due on these loans. Sterling options purchased to hedge future US Dollar receipts were matched against the relevant loans included in the summary at 30 September 2010, and we have calculated that they would add a further £0.2million to the value of the receipts due on these loans.

Contacts

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