35
-
At the time of the payment of the seventh dividend, the Special Managers estimated that the overall return to creditors would be in excess of 80%.
Whilst this dividend takes the total return to over 86%, the final payout remains entirely contingent on future realisations and other settlements and cannot be estimated with any precision at this stage.
To the extent that funds are available to make further distributions to creditors it is anticipated that dividends will be paid every four to six months and the size of any future dividends will probably be reduced.
Mr Hearder also issued his third report to creditors today, copies of which will be sent to creditors with their dividend cheques.
For further information please contact:
Mr A R Hearder
Mr N P Etches
Mr G C K Tam
2867 2426
2826 7236
2826 7259
Joint Special Managers
End/Thursday, April 27, 1995
Hong Kong Monetary Authority money market operations
Cumulative
Time
change
$ million
(hours)
($million)
Opening balance in the account
2,125
0930
+333
Closing balance in the account
2,463
1000
+333
Change attributable to:
1100
+345
Money market activity
+338
1200
+338
LAF today
Nil
1500
+338
1600
+338
LAF rate 4.25% bid/6.25% offer TWI 118.5*+0.3* 27.4.95