04 MAY 2012

Cash Position

Attached is the summary of cash balances held at 30 April 2012.

PDF Cash Position 

Cash balances increased by approximately £5.7 million during the month. Loan repayments, interest and other income totalled approximately £5.8 million. Expenses and catch-up dividends were £0.1 million.

Since the end of April, a further £24.6m has been received from the administrators of KSFUK.

Loan Book

Attached is the summary of the loan book position at 30 April 2012.

PDF Loan Book 

During April 2012, seven facilities were redeemed in full and three in part realising £5.7 million overall. A write-off of £0.8m was realised in respect of a loan secured on a Spanish property which was sold at a loss.  

The loan book details shown have been converted to Sterling using exchange rates as at 30 April 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 30 April 2012, and we have calculated that they would add a further £1.8 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 30 April 2012, and we have calculated that they would add a further £19k to the value of the receipts due on these loans.

Next dividend

Attached below is a copy of the notice for the next dividend which has been published in the press and sent to all known creditors who have not yet submitted a claim.  It is anticipated that the dividend will be paid on or around 15 June 2012.

PDF Notice of seventh 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 21 May 2012 in order to be included in the seventh 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 28 May 2012.  Any request for a change in payment details after this date may result in a delay to the payment of the seventh 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 7.6p 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. Please be aware that telephone calls may be recorded for security purposes.

Mike Simpson

Joint Liquidator