15 OCTOBER 2014

Cash Position

Attached is the summary of cash balances held at 30 September 2014.

PDF Cash Position 

Cash balances decreased by approximately £19.3 million during the month. Other income was approximately £8,000. The ninth dividend distribution was approximately £19.3 million. Liquidation expenses were approximately £20,000.

Loan Book

Attached is the summary of the loan book position at 30 September 2014.

PDF Loan Book

During September 2014, no facilities were redeemed.    

The loan tables shown have been converted to Sterling using exchange rates as at 30 September 2014.

Sale of claim in the administration of KSFUK

Subsequent to the month end, the company's claim in the administration of KSFUK has been sold to a third party, realising cash proceeds of £18.4m.

Next Dividend

It is expected that a dividend of 2p in the £ will be declared and paid on 28 November 2014. This will bring cumulative dividends to 100p in the £.

A notice for the next dividend will be published in the press and sent to all known creditors who have not yet submitted a claim shortly. In accordance with the notice, 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 November 2014 in order to be included in the tenth 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 21 November 2014. Any request for a change in payment details after this date may result in a delay to the payment of the tenth 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.

Calculation of interest payments to creditors will be dealt with in a future website update.

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