Attached is the summary of cash balances held at 31 May
Cash balances increased by approximately £12.2 million during
the month. A dividend from KSFUK of £12.3 million was received on
27 May. Loan repayments and interest totalled £0.8 million.
Distributions relating to catch-up dividends were paid out to
creditors totalling £0.5 million and liquidation expenses were £0.4
Attached is the summary of the loan book position at 31 May
During May 2011, one facility was redeemed in full and two in
part realising £0.7 million overall.
The loan book details shown have been converted to Sterling
using exchange rates as at 31 May 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 May 2011, and we have calculated that
they would add a further £0.7 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 May 2011, and we have calculated that they would
add a further £0.1 million to the value of the receipts due on
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