08 NOVEMBER 2011

Cash Position

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

PDF Cash Position

Cash balances increased by approximately £25.3 million during the month. Loan repayments, interest and other income totalled £13.2 million. The distribution from KSFUK was £12.3 million and expenses were £0.2 million.

Loan Book

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

PDF Loan Book

During October 2011, four facilities were redeemed in full and five in part realising £12.8 million overall.

The loan book details shown have been converted to Sterling using exchange rates as at 31 October 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 October 2011, and we have calculated that they would add a further £0.9 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 October 2011, and we have calculated that they would add a further £16,730 to the value of the receipts due on these loans.

Sixth Distribution

The Joint Liquidators are pleased to announce that a sixth distribution of 9.6 pence in the £ will be paid on 11 November 2011 to all creditors whose claims have been agreed. This will bring the total distributions to date to 83.2 pence in the £.

There are some cases where payments are being held over due to queries over the amounts claimed, payment details or signatures. We will continue to work through these queries as quickly as possible so that catch-up payments can be made to the relevant creditors.

We are aware that there are a number of potential creditors who have not yet submitted a claim, either directly or through the Depositors Compensation Scheme. We invite those creditors to submit their claims to the liquidation as soon as possible so that they can receive the distributions to which they are entitled. The Manager of the Depositors Compensation Scheme has stated that no new claims are being accepted by the DCS since 27 November 2010. Further details can be found at www.dcs.im.

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