Notice regarding Joint Administrators’ intention to declare a dividend - October 2016
The Joint Administrators initially notified creditors of their intention to declare a dividend to the non-preferential, unsecured creditors of the Company by 31 December 2015. The Court granted an Order postponing the date by which a dividend must be declared to creditors, to 30 September 2016.
It was, unfortunately, not possible to declare a dividend on that date. NNUK has not yet received any proceeds in respect of the global business and asset sales. It does not have sufficient cash at this time to make an appropriate distribution to unsecured creditors after reserving for known, future and contingent administration expenses. As a consequence, an Order has been granted by the Court, extending the date by which a dividend must be declared to creditors, to 18 November 2016. The Joint Administrators intend to provide further clarity regarding the timing and quantum of a potential dividend by such time.
Creditors will be notified of developments in respect of the timing of a dividend at the relevant time.