23 JANUARY 2015

Cash Position

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

PDF  Cash Position  

Cash balances decreased by approximately £1.1 million during the month. Loan repayments, interest and other income was approximately £20,000. Catch up dividend distributions were approximately £188,000. Liquidation expenses were approximately £943,000.

Loan Book

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

PDF  Loan Book

During December 2014, one facility was redeemed in part realising approximately £18,000. 

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

Future updates

Given that the vast majority of assets have now been realised, there are sometimes very little in the way of developments from month to month. Accordingly, in order to save costs, it has been decided that our standard website updates will, in future, be published quarterly rather than monthly. This means that the next standard update (i.e. with cash and loan book figures) will be issued in April 2015 based on figures to 31 March 2015.

However, the website will be updated for any matters of significance as they arise and the six monthly report to 9 January 2015 will be uploaded in early February.

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