12 June 2013
I wrote to you in February 2013 to confirm we had submitted our restructuring
proposal to the relevant authorities in Guernsey and again in March 2013 to
indicate that some progress had been made to resolve the outstanding issues
with the financial statements.
Following recent information received from the auditors, I am expecting
publication of the financial statements to occur by the end of June at which
point the board will be seeking formal approval from the regulator to issue
full details of the restructuring proposal to shareholders.
This will enable you to examine the full details of the restructuring proposal
and discuss it with your adviser before providing your approval and elections.
I will write to you again when I have further information.