Second interim distribution
announcement
At an extraordinary general meeting of the Company held on
27 November 2014, shareholders passed
resolutions to wind up the Company and appointed Ashley Paxton and Linda
Johnson of KPMG Channel Islands Limited as joint liquidators
(the “Liquidators”).
On 27 April 2015 the Liquidators
made an announcement regarding the expected timing and amount of
the second interim distribution. At this time, the Liquidators
expected that a second interim distribution would be made on or
before 30 June 2015.
Whilst the Liquidators still intend to make a second interim
distribution, payment has been delayed due to the ongoing audit of
the Company’s subsidiaries’ financial statements by independent
external auditors in Luxembourg.
The Liquidators consider that the conclusion of the audit is
necessary to provide comfort surrounding certain potential tax
liabilities.
The Liquidators have been informed that the audit will be
completed in early August 2015 and
the second interim distribution is expected to be made shortly
after. The Liquidators will make a further announcement prior to
the second interim distribution, once the final rate and date of
the distribution have been determined.
Enquiries:
Ashley Paxton and Linda Johnson
The Liquidators
KPMG Channel Islands Limited
Glategny Court
Glategny Esplanade
St. Peter Port
Guernsey
GY1 1WR
Tel: 01481 741898
Fax: 01481 722373
Email: restructuring-ci@kpmg.com