Update - Scheme of arrangement, pursuant to Part 26 of the Companies Act 2006 - Publication of Full SI Payment Statement - 2 July 2018

Further to the announcement made on 20 June 2018 (a copy of which can be accessed here), the Joint Administrators are pleased to announce that, following the determination of the funds available for distribution to Scheme Creditors, the Joint Administrators have today published a Scheme Outcome Statement confirming that LBIE can pay all statutory interest entitlements in full, being a Full SI Payment Statement (a copy of which can be accessed here).

The Joint Administrators are targeting making a Scheme Distribution on or around 25 July 2018. This Scheme Distribution will relate to the 8% Payment, the Settlement Premium, the Specified Interest Payment, the Storm Payment and the Applicable CI Payment (in respect of Certification Claims that have been resolved only).

In order for a Scheme Creditor to participate in this Scheme Distribution, it must have an Admitted Claim and have provided or confirmed its Settlement Instructions via the Portal by no later than Friday 13 July 2018 at 5pm (London time). All Scheme Creditors with Admitted Claims are therefore encouraged to log on to the Portal to complete this information as soon as possible.

Certain Scheme Creditors who are required to provide additional KYC Information will have received an email setting out the information that is required and/or the steps that they must take. Scheme Creditors who have received such an email must comply with the requests set out therein before they are able to participate in any Scheme Distributions and are therefore encouraged to do so as soon as possible.

Prior to the payment of the first Scheme Distribution, a statement will be uploaded to the Portal (a “UCC5”) for all Scheme Creditors with Admitted Claims, which will provide further information regarding the amount payable to each Scheme Creditor by way of Scheme Distributions in respect of their 8% Interest Claims, Specified Interest Claims and resolved Certification Claims or Settlement Premium (as applicable), including any expected WHT Deductions.

Unless stated otherwise, defined terms in this announcement have the meaning given to them in the Explanatory Statement.  

If you have any questions in relation to the above, please contact the Joint Administrators by email to schemequeries@lbia-eu.com.