23 JANUARY 2018

Cash Position

Attached is the summary of cash balances held at 31 December 2017.

Cash balances increased by approximately £4,237,000 during the quarter. Loan interest and repayments totalled £4,063,000. Other income totalled £283,000. Legal expenses totalled £78,000. Other liquidation expenses totalled £31,000.

PDF Cash Position

Loan Book

Attached is the summary of the loan book position at 31 December 2017.

During the quarter to December 2017, the final remaining loan was repaid in full. The loan tables shown have been converted to Sterling using exchange rates as at 31 December 2017.

PDF Loan Book

Finalisation of the liquidation

Now that the final outstanding loan has been repaid, the only potential further assets are legal claims. I am consulting with lawyers on the merits of continuing those claims, which will need to be determined before bringing the liquidation to a close. I will explain more and set out details of the process in the next six monthly report to creditors which will be prepared shortly.

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
Liquidator