TAPE OF TELEX SENT TO ALL ELIGIBLE CREDITORS
4th October at 20.15
STRICTLY PRIVATE AND CONFIDENTIAL
RE: CARRIAN INVESTMENTS LIMITED
WE UNDERTOOK TO INFORM YOU OF ANY STATEMENT RECEIVED BY US IN RELATION TO THE ESCROW FUND ARRANGEMENTS.
DUKING THE MORNING WE RECEIVED A LETTER FROM THE LEGAL ADVISERS TO CIL DATED 4TH OCTOBER STATING THAT ''NO INSTRUCTIONS HAVING BEEN RECEIVED TO EXTEND THE ESCROW ARRANGEMENTS THE ESCROW MONIES HAVE NOW COME OUT OF ESCROW AND ARE AVAILABLE TO THE ESCROW ACCOUNT HOLDER (SUBJECT TO THE AGREED ARRANGEMENTS IN RELATION TO PROFESSIONAL FEES)".
AT 4.15 THIS AFTERNOON SHORTLY AFTER ITS RECEIPT BY WARDLEY, WE RECEIVED THE TEXT OF A COMMUNICATION WHICH WARDLEY CONFIRMS AS COMING FROM THE PROVIDER OF THE ESCROW FUND. THAT COMMUNICATION STATES THAT
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''WE'' (THE PROVIDER OF THE ESCROW FUND WOULD STILL CONSIDER MAKING AVAILABLE THE ESCROW MONIES ...FOR THE PURPOSE OF SUBSCRIPTION FOR PREFERRED ORDINARY SHARES'' ON TERMS WHICH MAY BE SUMMARISED AS BEING THAT BOTH SCHEMES ARE AGREED BY ALL ELIGIBLE CREDITORS BY 17TH OCTOBER AND THE SCHEME CONDITIONS ARE FULFILLED BY 20TH NOVEMBER 1983.
IN INFORMING CIL OF OUR RECEIPT OF THE COMMUNICATION WE HAVE ADVISEN CIL THAT WE DO NOT CONSIDER THE WORDS WOULD STILL CONSIDER MAKING AVAILABLE' TO BE AN ADEQUATE ASSURANCE TO ELIGIBLE CREDITORS IN CURRENT CIRCUMSTANCES AND THAT, UPON THE TERMS STATED IN THE COMMUNICATION, THE CONDITIONS ARE INCAPABLE OF FULFILMENT.
WE ARE ADVISED THAT THE BOARD OF CIL HAS FORWARDED OUR COMMENTS TO THE PROVIDER OF THE ESCROW FUNDS FOR THEIR FURTHER CONSIDERATION.
YOURS FAITHFULLY
FOR AND ON BEHALF OF
HAMBRO PACIFIC LIMITED
CJ PERRIN
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