Cash Plus Update #5

The Cash Plus Co-interim receivers have issued an Update (#5) on matters related to Cash Plus. The release clarifies issues surrounding the appointment of the provisional appointment of a liquidator. The report points out that the liquidator has only been appointed for the Cash Plus Group Limited while the CPL and other CPL affiliates are still under receivership

Cash Plus Update # 5
Provisional Liquidator Appointed for Cash Plus Group Limited

Cash Plus Group Limited (CPG) (former Solrac Holdings Limited) was incorporated on January 27, 2005. The investigations of the Co-Interim Receiver-Managers during the course of the Receivership have revealed that the financing of CPG, along with the activities of other Cash Plus entities, including Cash plus Development Limited, came primarily from Lenders’ funds provided to Cash Plus Limited (CPL).

Following the presentation of a petition filed in the Supreme Court on June 12, 2008 by the Premier League Clubs Association Limited (PLCA) to wind up Cash Plus Group Limited (CPG), on June 27, 2008 the court appointed Mr., L. Monthly Kandekore, trustee in bankruptcy as the Provisional Liquidator of CPG. The PLCA has alleged that CPG failed to honor it financial commitments in respect of a Sponsorship Agreement entered into in October 2007-2008 Premier League Football Competition. The PCLA sought remedy in the Supreme Court which resulted in the appointment of the Provisional Liquidator.

Question: What is the current situation with CPL and the other CPL affiliates?
Answer: CPL and the other CPL affiliates are still in receivership until the Court orders otherwise. In the meantime, the Co-interim Receiver-Managers are continuing their investigation and efforts in identifying and locating assets of CPL and CPL affiliates (other than CPG)

Question: How will the appointment of the Provision Liquidator affect the work being done by the Court appointed Co-interim Receiver-Managers and the repayment of lenders funds by CPL
Answer: the court-appointed Co-interim Receiver-Managers, installed on March 31, 2007, continue to have jurisdiction over the assets of CPL and COK affiliates with the exception of CPG, until the court decides otherwise. Further, the receiver-Managers have been mandated by the Court to provide a final report on CPG by 8 August 2008

Question: How much of the assets of the Cash Plus Group of Companies will be administered by the Provisional Liquidator
Answer: CPG is the single largest holder of the assets of the Group of Companies, approximately 50% and includes real assets and deposits with various institutions from fail acquisitions.

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