Subsequent to the month end, the company's claim in the administration of KSFUK has been sold to a third party, realising cash proceeds of £18.4m. It is expected that a dividend of 2p in the £ will be declared and paid on 28 November 2014.
This will bring cumulative dividends to 100p in the £.
Calculation of interest payments to creditors will be dealt with in a future website update.
For more details and summaries of cash balances held and the loan book position at 30 Sep see the KSFIOM website.
The first official notice re the intended Twelfth KSFUK dividend has just been published in the Gazette and on the KSFUK site. Last date for proving is 22 October 2014. Dividend (of amount not yet announced) to be declared within 2 months of last date for proving.
The Interim Financial Statements for the period 1 January to 30 June 2014 have been published. Furthermore, a Supplementary Material to the Financial Statements has been published and contains updated overview of claims in addition to further analysis on each asset class. Available for download here.
A 9th KSFIOM distribution of 2.2p/£ will be paid on 12th September, bringing the total distribution to date to 98.0 p/£.
Note for DCS claimants: For those whose claims are assigned to the DCS and who are now entitled to receive additional payments from the liquidation, the Scheme Manager has announced that he aims to despatch payments no later than 26 Sept. See DCS update here.
Highlights at 9 July 2014
- 95.8p in the £ dividends paid to creditors
- £910.5m of assets recovered
- 92.1% of loan book recovered
- Estimated dividend outcome between 99.0p and 99.6p in the £