Cash Position
Attached is the summary of cash balances held at 31 May
2012.
Cash Position
Cash balances increased by approximately £26.9 million during
the month. The dividend from KSFUK was £24.6 million.
Loan repayments, interest and other income totalled approximately
£2.4 million. Expenses and catch-up dividends were £0.1
million.
Loan Book
Attached is the summary of the loan book position at 31 May
2012.
Loan Book
During May 2012, two facilities were redeemed in full and two in
part realising £2.3 million overall.
The loan book details shown have been converted to Sterling
using exchange rates as at 31 May 2012.
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 May 2012, and we have
calculated that they would add a further £2.0 million to the value
of the receipts due on these loans. Sterling options
purchased to hedge future US dollar receipts were matched against
the relevant loans included in the summary at 31 May 2012, and we
have calculated that they would add £Nil to the value of the
receipts due on these loans.
Seventh Distribution
The Joint Liquidators are pleased to announce that a
seventh distribution of 7.8 pence in the £ will be paid on 15 June
2012 to all creditors whose claims have been agreed. This will
bring the total distributions to date to 91.0 pence in the £.
There are some cases where payments are being held
over due to queries over the amounts claimed, payment details or
signatures. We will continue to work through these queries as
quickly as possible so that catch-up payments can be made to the
relevant creditors.
We are aware that there are a number of potential
creditors who have not yet submitted a claim, either directly or
through the Depositors Compensation Scheme. We invite those
creditors to submit their claims to the liquidation as soon as
possible so that they can receive the distributions to which they
are entitled. The Manager of the Depositors Compensation Scheme has
stated that no new claims are being accepted by the DCS since 27
November 2010. Further details can be found at www.dcs.im.
Contacts
The best way to make contact is to write to the bank or email branch@singers.co.im. If you
need to telephone the bank, please use the main switchboard number
+44 1624 699222. Please be aware that telephone calls may be
recorded for security purposes.
Mike Simpson
Joint Liquidator