KSF-UK (E&Y) Jun 2012: Update to estimated range for total dividends to non-preferential creditors

Category: Newsflash

"As a result of the resolution of a number of significant issues in the administration, including the recent settlement agreement with Kaupthing hf, the Administrators advise that

, based on current forecast recoveries from the banking book, prudent estimates of realisations from other assets, maximum estimates of unsecured claims and current market conditions not deteriorating, they currently estimate that total dividends to non-preferential creditors should be in the range of 82.5p to 86p in the £.  The Administrators would stress that this estimate could be lower or higher as there are significant issues which could impact either future realisations or the level of claims from creditors and thus the estimate is indicative and cannot be relied upon.

 

As previously reported, it is the intention of the Administrators to pay further dividends at regular intervals, subject to consultation with the Creditors' Committee and the level of distributable funds making it cost effective to do so.  The quantum of each dividend will be dependent upon the level of distributable funds at the time of dividend and, consequently, we are not able to provide an estimate of the quantum of the ninth or any subsequent dividends at this time but anticipate being in a position to pay a ninth dividend in November/December 2012.

The Administrators will continue to provide updates in relation to dividend timing and revisions of the total estimated dividend range, as appropriate, in between progress reports."

link to KSF-UK site here

 

Note: This represents an increase of 1.5p/£ in the lower limit; no change to the upper limit (previous estimate: 81.0 - 86.0 p/£)

 

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