12 JUNE 2012

Cash Position

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

 PDF Cash Position

Cash balances increased by approximately £26.9 million during the month.  The dividend from KSFUK was £24.6 million.  Loan repayments, interest and other income totalled approximately £2.4 million.  Expenses and catch-up dividends were £0.1 million.

 

Loan Book

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

 PDF Loan Book

During May 2012, two facilities were redeemed in full and two in part realising £2.3 million overall.  

The loan book details shown have been converted to Sterling using exchange rates as at 31 May 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 May 2012, and we have calculated that they would add a further £2.0 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 2012, and we have calculated that they would add £Nil to the value of the receipts due on these loans.

 

Seventh Distribution

The Joint Liquidators are pleased to announce that a seventh distribution of 7.8 pence in the £ will be paid on 15 June 2012 to all creditors whose claims have been agreed. This will bring the total distributions to date to 91.0 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. Please be aware that telephone calls may be recorded for security purposes.

 

Mike Simpson

Joint Liquidator