Isle of Man
Template 9 

CHP 11/0097 - Foundations Program Plc (in liquidation) ("FPP")
CHP 11/0098 - FPA Limited (in liquidation) ("FPA")

Update 24 March 2016


Foundations Program plc - in liquidation ("FPP")
FPA Limited - in liquidation ("FPA")
Joint Liquidators and Joint Official Receivers ("JL&JORs")

Note for Participants and Loan Note Holders (LNHs) and other creditors of FPP & FPA

Update in respect of the first interim distribution

On 18 February 2016, the JL&JORs reported that a trust company holding a number of participations that represent some 15% of the value of losses to be recovered from the Participants in accordance with the terms of the Program had notified the JL&JORs that they were taking advice on the method of calculating the allocation of losses and have sought an extension of 30 days in which to present their challenge.

The JL&JORs have received limited correspondence from the trust company, but as yet, no substantive challenge has been submitted. The JL&JORs fully acknowledge the frustration that this continued delay in the payment of the interim distribution is causing. However, in the face of the stated intention of the participant group to make a challenge, the JL&JORs have no alternative but to temporarily suspend the interim distribution.

The JL&JORs are taking all the steps they can to encourage an early resolution of this delay and will advise of progress as soon as possible by way of further update.

24 March 2016