6th dividend from E&Y (KSFUK) back to our JLs between April & June 2011

Hi There,

Thanks for the coments.

Re returns, I'm afraid this new information makes no change to my table of estimated returns and when. Once the JLs had confirmed that they had agreement from E&Y (KSFUK) on the £246.1m base level I rejigged my table to allow for a return of £246.1m at 75% and took into account the back money. I also have allowed for two returns per year at summer and dec from E&Y based on 5% on the £246.1m all the way through my Table until 75% is returned. So my predictions/guesses take into account the JLS 84.95% lower estimate back on the KSFIOM loan book and the E&Y (KSFUK) lower estimate at 75% and then predictions based on the higher estimates.

So unless we get more than 5p/£ back from E&Y (KSFUK) in their 6th dividend it will not affect us re our next dividend from our JLS. And if we did get more than 5p/£ back from E&Y it would still not affect the eventual return of 75% on £246.1m unless they at some time up their lower estimate back to us.

So really sorry but no change, but it does show E&Y are getting cash back in and moving it on to their unsecured creditors (and that includes us via our JLs and KSFIOM). And if we get this 6th dividend back to our JLS say in May sometime it augers well for a second dividend this year from E&Y by Dec, which would help keep us on track for the eventual 91.4 - 97.7% as predicted by the JLs or my own thoughts of 94.01 - 100.237%. Note the JLs higher total of 97.7% and my 100.237% is based on their higher return on the KSFIOM loan book being 93.173%. I do not think that will be reached and if say it goes to 90% return on the KSFIOM loan book my upper guestimate would go down to 98.778p/£.

But great start to the year so far, I think, just await the JLs Feb figures and look ahead to E&Y (KSFUK) next 6 monthly report in April to see what it says.

As always,

Take care,

Gordon 45