10 MAY 2013

Cash Position

Attached is the summary of cash balances held at 30 April 2013.

PDF  Cash Position

Cash balances increased by approximately £2.2 million during the month. Loan repayments, interest and other income totalled approximately £2.2 million. Expenses were approximately £20,000.

Loan Book

Attached is the summary of the loan book position at 30 April 2013.

PDF Loan Book

During April 2013, one facility was redeemed in full and two facilities were redeemed in part realising £2.2 million overall.   

The loan tables shown have been converted to Sterling using exchange rates as at 30 April 2013.

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 2013, and we have calculated that they would add a further £0.5 million 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. 

PDF Notice of eighth 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 2013 in order to be included in the eighth 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 2013.  Any request for a change in payment details after this date may result in a delay to the payment of the eighth 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 4p in the £.


The best way to make contact is to write to the bank at PO Box 197, Third Floor, Sixty Circular Road, Douglas, Isle of Man, IM99 1SN, or email ksf@iom.pwc.com. If you need to telephone the bank, please use the number +44 1624 699222. All other numbers in previous use are now switched off or auto-forward to +44 1624 699222. Please be aware that all telephone calls are recorded for security purposes.

Mike Simpson
Joint Liquidator