E&Y (KSFUK) - at least 5p/£ on 25.5.2011

  • Gordon 45
  • 22/10/08 n/a (free)
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Posted: Mon, 23/05/2011 - 20:51

Hi There,

Update from E&Y (KSFUK) re 6th dividend back to our JLs - Will be paid out on 25.5.2011 - but quantum only known via an update on their website on 25.5.2011.

Wonder why the late, late show re quantum - good or bad?

Remember 5p/£ back from E&Y (KSFUK) to us = £12.305m x 100 divide by £905 = 1.3596p/£ to us at some point (when our next dividend is paid).

Gordon 45

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5p

  • sunny1
  • 16/10/08 30/05/14
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  • Sat, 28/05/2011 - 14:26

Thankyou Gordon 45. That's very clear, and much appreciated.


Re THe E&Y (KSFUK) 6th dividedend quantum

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Wed, 25/05/2011 - 13:27

Hi All,

I see E&Y have confirmed 5p/£ on their site today. So were they waiting to just achieve the 5p/£ or not. Might know when their next 6 monthly progress report is issued in October.

My main concern was if we got the 5p/£ (that I have worked on in my Table 11), I was also counting on another 5p/£ payment later in the year in order to help get at least 5p/£ back from our JLs. A second payment of 5p/£ from E&Y would mean we only need a net £4m between then and now from our own KSFIOM loan book inc interest to reach the minimum 5p/£ from our JLs. Anything more than that would start raising the next return to us up towards hopefully 8p/£. And that all seems to be heading in that direction.

My worry was we might get 6-8p/£ back from E&Y just now and that may have meant no further payments from them this year. And that would have meant in real terms for every 1p/£ less than the 10p/£ that I certainly hope for (back from them in total this year) that we would have been £2.461m short towards our hoped for 5p/£ back from our JLs in late autumn? So 2p/£ short = £ £4.922m and 3p/£ = £7.383pm.

So in some ways it might be to our benefit to only receive 5p/£ back just now and hope for a second 5p/£ back later in the year, and so raise the return we get from the JLS.

Hope you can follow the above, although you may not agree with my reasoning.

Time will tell.

Gordon 45


Payment when?

  • keving
  • 13/10/08 31/05/09
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  • Mon, 06/06/2011 - 11:20

Thanks Gordon as ever for your hard work and efforts to bring some solid facts to the KSFIOM issue. I hope you can find peace and joy in the fact that your hard work is bringing a sense of stability to people like myself who are lost among the financial figures floating around. Your ability to distance yourself from the negative emotion of the site content is also admirable.

Would be interested to know however when this last 5p in the pound payment will actually be given to the depositors.


Hi keving

  • Gordon 45
  • 22/10/08 n/a (free)
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  • Mon, 06/06/2011 - 20:03

Hi There Keving,

If you are refering to the 5p/£ from E&Y (KSFUK) which was paid to our JLs (as a dividend back to the liquidators of KSFIOM) on 25.5.2011. This £12.305m will become part of the May figures issued by our JLs, hopefully this week. It then depends on when our JLs have sufficient cash to give us back at least 5p/£ in the next dividend paid out to us.

Please remember that although the JLs got back 5p/£ from E&Y equating to £12.305m, that in reality means 1.3596p/£ to us. So it only becomes part of the net total accrued by the JLs until they have sufficient to pay out a dividend to us of at least 5p/£.

But at end of April JLs had a net £36.380m lying towards a next payout. If you add the £12.305m onto that you get £48.685m. But from that you need to allow according to my figures £7.3m for balance of Liquidation costs and around £12.512m ( £17m x 73.6% = £12.512m) to pay out unresolved and unclaimed creditors. So from the £48.685m you need to subtract the total of the £7.3m + £12.512m = £19.812m = £28.783m of a balance. I said in my April figures thoughts, that we could hopefully expect another £12.305m ex E&Y prior to Dec 2011, so if you add that to the £28.783m you get £41.088 and I also said in my thoughts on the April figures that if we get the second £12.305m from E&Y by Dec 2011 all we then required was £4m approx (actual £4.162m) net intake from the KSFIOM loan book inc interest (say between May and Nov) to get £45.250m.

And if you multiply the £45.250m by 100 and then divide by £905m you get 5p/£. So I think there is an excellent chance of another 5p/£ to us by Dec 2011. and it could be between 5 - 8p/£ depending on loan book returns and FX exchange rates.

Hopefully the May figures will have a net intake from our KSFIOM loan book to go towards reaching the magic net £45.250m for a 5p/£ payout (at least).

Hope the above helps,

Gordon 45


Thanks

  • keving
  • 13/10/08 31/05/09
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  • Tue, 07/06/2011 - 10:26

Thanks as ever for your clear explanation.


thanks Gordon

  • sambururob
  • 10/10/08 n/a (free)
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  • Sun, 29/05/2011 - 18:08

Thanks Gordon. It's not just that you look for us...you know where to look and when! Your tireless efforts to find information and then share it with all are always appreciated.
Rob and Wendy


Thank you Gordon

  • Clogs2
  • 20/10/08 31/08/09
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  • Tue, 07/06/2011 - 11:47

I would like to reiterate my thanks for all your efforts in keeping us up to date with latest information. Much appreciated.


Dividend Quantum

  • softlad66
  • 10/10/08 27/04/11
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  • Thu, 26/05/2011 - 06:04

Agreed, they must have been on the cusp of achieving 6 or 7p hence the delay in announcing the quantum of the dividend. Hopefully the additional funds not received this time (if they exist) will improve our chances of a second dividend later in the year.
I would also take this opportunity to thank Gordon for his tireless efforts to date; much appreciated.


Gordon

  • Codpeace
  • 23/10/08 30/11/12
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  • Wed, 25/05/2011 - 19:34

Very well explained and I agree with your point - much rather have a chance to get some more back later this year. Thanks once again for your work in keeping track of all of this.