Attached is the summary of cash balances held at 31 March
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
Attached is the summary of the loan book position at 31 March
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.
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
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
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