20 FEBRUARY 2014

Report to Creditors

Attached is a Report to Creditors for the period from 10 July 2013 to 9 January 2014.

PDF Report to Creditors

 

Cash Position

Attached is the summary of cash balances held at 31 January 2014.

PDF Cash Position

Cash balances increased by approximately £2.4 million during the month. Loan repayments, interest and other income was approximately £2.5 million.  Catch-up dividends were approximately £43,000 and Liquidation expenses were approximately £50,000. 

 

Loan Book

Attached is the summary of the loan book position at 31 January 2014.

PDF Loan Book

During January 2014, three facilities were redeemed in full and one facility was redeemed in part realising £2.2 million.     

The loan tables shown have been converted to Sterling using exchange rates as at 31 January 2014.

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 January 2014, and we have calculated that they would add a further £0.6 million to the value of the receipts due on these loans. 

 

Contacts

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