Attached is the summary of cash balances held at 31 March 2016.
Cash balances decreased by approximately £0.4 million during the quarter. Loan repayments, interest and other income totalled £70,000. Catch up dividend distributions totalled £89,000. Liquidators' fees were approximately £324,000 and other liquidation expenses totalled £64,000.
Attached is the summary of the loan book position at 31 March 2016.
During the quarter to March 2016, there were no repayments to any of the outstanding facilities.
The loan tables shown have been converted to Sterling using exchange rates as at 31 March 2016.
Parental Guarantee claim
KSF, in the early stages of the liquidation, submitted a claim against Kaupthing under the Parental Guarantee. The claim was a shortfall claim, meaning that as the shortfall for creditors in KSF has been reduced by the recovery of assets, the value of the claim has fallen. The value of the claim has now been agreed at £3.2m.
Kaupthing have now agreed a composition with their creditors, whereby creditors will get 30% of the value of their agreed claims. They will get this as follows:
Shares in Kaupthing 0.5%
Kaupthing convertible notes 21.2%
Accordingly we should shortly receive cash, shares and notes with a total face value of £960k. The intention is that the shares and notes will then be sold in the short term in order to realise value for creditors.
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