04 APRIL 2012

Cash Position

Attached is the summary of cash balances held at 31 March 2012.

PDF Cash Position 

Cash balances increased by approximately £0.8 million during the month. Loan repayments, interest and other income totalled approximately £0.9 million. Expenses and catch-up dividends were £0.1 million.

Loan Book

Attached is the summary of the loan book position at 31 March 2012.

PDF Loan Book 

During March 2012, one facility was redeemed in full and two in part realising £0.9 million overall. 

The loan book details shown have been converted to Sterling using exchange rates as at 30 March 2012.

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 2012, 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 31 March 2012, and we have calculated that they would add a further £12.5k to the value of the receipts due on these loans.

Next Distribution 

The Administrators of KSFUK have announced that they anticipate paying a further distribution on 2 May 2012 of not less than 9p in the £.  This would equate to a receipt of not less than £22.14m.

We will make an announcement on the amount and timing of the next distribution to be paid by KSFIOM once the details of the KSFUK distribution are finalised, taking into account other anticipated recoveries.

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. Please be aware that telephone calls may be recorded for security purposes.

Mike Simpson

Joint Liquidator