25 JULY 2016

Cash Position

Attached is the summary of cash balances held at 30 June 2016.

PDF Cash Position

Cash balances increased by approximately £1.3 million during the quarter. Loan repayments, interest and other income totalled £1.0 million. The cash element of the parental guarantee claim was £297,000. Catch up dividend distributions totalled £46,000. Other liquidation expenses totalled £31,000.

Loan Book

Attached is the summary of the loan book position at 30 June 2016.

PDF Loan Book

During the quarter to June 2016, one facility was redeemed in full and one in part realising £0.9 million overall. The loan tables shown have been converted to Sterling using exchange rates as at 30 June 2016.


Isle of Man legislation is unclear about how interest should be calculated in situations where there is a surplus in an insolvency after the proven claims of unsecured creditors have been paid in full. I have applied to Court for directions and expect to make a further announcement on this website shortly about the process for determining the appropriate method of calculation.


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