07 MARCH 2011

Cash Position

Attached is the summary of cash balances held at 28 February 2011.

PDF Cash Position

Cash balances increased by approximately £83.8 million during the month. Loan repayments and interest totalled £62.6 million and the catch-up dividend from KSFUK was £21.8 million. Distributions relating to catch-up dividends were paid out to creditors totalling £0.6 million.

Loan Book

Attached is the summary of the loan book position at 28 February 2011.

PDF Loan Book

During February 2011, six facilities were redeemed in full and five in part realising £54.5 million overall.

The loan book details shown have been converted to sterling using exchange rates as at 28 February 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 28 February 2011, and we have calculated that they would add a further £1.5 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 28 February 2011, and we have calculated that they would add a further £0.4 million to the value of the receipts due on these loans.

Next dividend

Attached below is a copy of the notice for the next dividend. We are required by Isle of Man insolvency law to advertise for potential creditors to submit their claim in the liquidation prior to the declaration and payment of a dividend.

PDF Next dividend

In accordance with the advertisement, creditors who have not yet submitted a Proof of Debt form are required to return the completed form to the Joint Liquidators prior to 25 March 2011 in order to be included in the fifth dividend.

For claimants with an admitted claim directly in the liquidation, if you wish to change the bank account details for payment of your dividends please contact the bank prior to 31 March 2011. Any request for a change in payment details after this date may result in a delay to the payment of the fifth dividend to you. The Joint Liquidators will only change a claimant's payment details upon receipt of an original, signed document - photocopied, faxed or scanned documents will not be accepted.

As previously advised, dividend levels can only be determined once cash has been received. We will distribute as much cash as is available at the point of declaration, which based on cash currently in hand will be not less than 12p in the £.

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