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

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