08 APRIL 2011

Cash Position

Attached is the summary of cash balances held at 31 March 2011. .

PDF Cash Position

Cash balances increased by approximately £5.2 million during the month. Loan repayments and interest totalled £5.9 million. £0.3m was realised from closing out currency options on loans repaid early. Distributions relating to catch-up dividends were paid out to creditors totalling £0.8 million and liquidation expenses were £0.2 million.

Loan Book

Attached is the summary of the loan book position at 31 March 2011.

PDF Loan Book

During March 2011, three facilities were redeemed in full and four in part realising £5.6 million overall.

The loan book details shown have been converted to sterling using exchange rates as at 31 March 2011.

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 31 March 2011, and we have calculated that they would add a further £0.6 million 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 31 March 2011, and we have calculated that they would add a further £0.1 million to the value of the receipts due on these loans.

We have received a number of queries from creditors regarding the concentration of loans in a small number of high value positions. At 8 October 2008, the ten largest loan positions totalled £216 million, representing 52% of the total loan book. Of those loans, four have been repaid in full and five have been repaid in part, the remaining outstanding balances being £91 million. The current ten largest loans total £113 million, which is 66% of the total value of the remaining loans. This percentage will gradually increase over time as the number of outstanding loans reduces.

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