Keydata Investment Services Limited (in administration) - Lifemark section
This section provides information for investors who hold a product backed by Lifemark S.A. This covers investors in categories 2, 3 and 5.
Recent developments relating to Lifemark S.A. dated 14 May 2012
Please see the below link to information in relation to Lifemark.
Recent developments relating to Lifemark S.A. dated 19 March 2012
Please see the below link to updates regarding Lifemark.
Recent developments relating to Lifemark S.A. dated 2 March 2012
Lifemark S.A. has issued a Notice of the result of the adjourned meetings of bondholders held on 28 February 2012 (please view this link) together with the detailed results of the meetings held on 13 February (please view this link).
Recent developments relating to Lifemark S.A. dated 16 February 2012
The Provisional Administrator of Lifemark S.A. has issued a Notice of adjournments of meetings and of results of meetings dated 15 February 2012.
Please view this link for information in relation to the results of meetings held on Monday, 13 February 2012 and for information in relation to the adjourned meetings of the Bondholders of Issues 5, 12, 21 and 24 of Lifemark S.A. scheduled for 10.00 am (London time) on Tuesday, 28 February 2012 at the offices of KPMG LLP, 8 Salisbury Square, London EC4Y 8BB to consider and vote on the passage of the proposed resolutions as set out in the Notice and Explanatory Memorandum dated 21 December 2011.
Please note that the adjournments only affect Keydata investors in the following plans:
- Defined Income Plan 4; and
- Lifemark Secure Income Bond 3
Other Keydata investors need take no further action.
Information for investors in the two affected plans:
If you wish to amend your previous voting instructions or are voting for the first time then please use the proxy form previously provided or if this is no longer in your possession one can be downloaded from here at Annex 5.
The deadline for receipt of proxy instructions from Beneficial Owners whose Bonds are held on their behalf by Keydata is 4:00 p.m. (London time) on Tuesday, 21 February 2012. In order for such instructions to be processed and submitted to the Clearing Systems in a timely manner Instructions should be returned by post to Administration Centre, Soanepoint, 6-8 Market Place, Reading, Berkshire, RG1 2EG.
We will not be responsible for any of the data provided by you in the proxy form as completed by you.
Recent developments relating to Lifemark S.A. dated 8 February 2012
Please view this link to the Commission de Surveillance du Secteur Financier (“CSSF”) site for information in relation to Lifemark S.A.
Recent developments relating to Lifemark S.A. dated 21 December 2011
The Provisional Administrator of Lifemark S.A. has issued a Notice of Meetings dated 21 December 2011. Please view this link for information in relation to the meetings of Lifemark S.A. scheduled for 10.00 am (London time) on Monday 13 February 2012 at The Barbican Hall, The Barbican Centre, Silk Street, London EC2Y 8DS to consider and vote on the passage of the proposed resolutions.
Please view this link for further information with respect to completing your proxy form/s. The deadline for receipt of instructions by Keydata is 9am on 20 January 2012 by post to Administration Centre, SoanePoint, 6-8 Market Place, Reading, Berkshire, RG1 2EG.
We will not be responsible for any of the data provided by you in the proxy form as completed by you.
Recent developments relating to Lifemark S.A. dated 8 November 2011
Please view this link for information in relation to the meetings of Lifemark S.A. scheduled for 10 November 2011. This Notice confirms that no business will be transacted at the meetings which will be dissolved by agreement of the issuer and the trustee.
Extension of the appointment of KPMG, represented by Mr Zia Hossen, as provisional administrator to Lifemark S.A. dated 4 November 2011
Please view this link for information in relation to the extension of the appointment of KPMG, represented by Mr Zia Hossen, as provisional administrator to Lifemark S.A.
Recent developments relating to Lifemark S.A. dated 4 November 2011
Further to our recent updates we have been provided with the following documents from the provisional administrator of Lifemark S.A.:
Lifemark Bondholder Notice 14 October 2011
Supplemental Notice of Meeting Lifemark
Lifemark Bondholders Meeting Memorandum
Lifemark Form of Proxies Meeting
Bondholders are asked to complete the proxy form and to provide an executed covering letter detailing the following information:
- The Bondholder’s name and contact details (please specify your telephone number)
For each investment
- The product name e.g. Defined Income Plan 1
- The term of the product i.e. 5 years, 7 years, 10 years
- The relevant option i.e. monthly interest, quarterly interest, growth etc
- Your Keydata client reference number
- The PRINCIPAL amount (in the original currency of denomination per unit held) - please note that this relates to the number of units held in each individual investment option of your plans not the amount of cash invested and should be detailed per product name/term/option (e.g. Defined Income Plan 5 Years Monthly Interest) as above.
- Your nominee's contact details and reference number (if applicable)
- Signatures from each of the account holders where there is more than one investor for the quoted plan(s)
In the case of plans held in the names of nominees a covering letter signed in accordance with the mandate should accompany the executed letter from the ultimate beneficial owner
Explanation of PRINCIPAL adjusted for block size
Please note that for a number of investments bonds were issued in blocks of 1,000 units therefore it is possible that your PRINCIPAL amount will be rounded down to the nearest 1,000 units to ensure voting can pass through the clearing system (for example a PRINCIPAL amount of 5,289 units could equate to 5,000 units). For a list of affected plans please see the list on this link .
We will complete the ISIN Number, Series Number and Issue Number on Bondholders’ behalf.
Instructions for completing the proxy form can be accessed using this link Guidance for filling in the proxy form.
Please return your completed proxy form and covering letter by email to client.services@keydata.co.uk or by facsimile on 01189 255 814.
Investors who have accepted compensation and assigned their rights are no longer Bondholders and will not be able to submit proxies or vote at the meeting(s).
NB. We will not be responsible for any of the data provided by you in the proxy form as completed by you.
These instructions will be transmitted by email and we advise there are inherent security risks associated with this form of communication.
If Bondholders have any other queries in relation to filling in the proxy form they should contact Samantha Bewick, e-mail: info@lifemark.lu placing the word PROXY clearly in the subject/heading. Other questions should be directed to the Provisional Administrators at info@lifemark.lu.
Recent developments relating to Lifemark S.A. dated 2 November 2011
We have received the following information with respect to Lifemark S.A.:
“Please find attached a supplemental notice of meeting and an explanatory memorandum in respect of the holder's meetings of Lifemark SA. Please note that the supplementary notice of meeting has been issued because extraordinary resolution 2 has been withdrawn in its entirety. [Bondholders] may still vote in favour or against resolutions 1 and 3 if they wish.”
You can access the documents using the following links:
Supplemental Notice to Bondholders dated 31 October 2011
Notice to Bondholders dated 31 October 2011
We will update this website should any further information become available.
Recent developments relating to Lifemark S.A. dated 31 October 2011
Please view the latest notices posted by Lifemark informing bondholders of the following:
Judicial proceedings in the context of the management and servicing agreement dated 31 October 2008 with effect from 1 November 2008 entered into between Tandem Partners S.à r.l. and Lifemark S.A. in a Notice issues on 6 October 2011; and
Notice of Meetings of bondholders scheduled to be held on 10 November 2011 dated 14 October 2011.
FSA update dated 2 June 2011
The FSA posted an update to their website on 26 May 2011. You can access this update by using the link on the "External information sources", "FSA - Frequently Asked Questions" section of the website.
Extension of the appointment of KPMG, represented by Eric Collard, as provisional administrator to Lifemark S.A. dated 13 May 2011
Please view this link for information in relation to the extension of the appointment of KPMG, represented by Eric Collard, as provisional administrator to Lifemark.
Specimen ISA reinvestment letter for Lifemark S.A. and Hometrak S.A. investors dated 13 May 2011
All Lifemark and Hometrak ISA investors will shortly receive a letter containing an ISA reinvestment certificate. A specimen letter is available to view here.
The Administrators strongly encourage investors to ensure their ISA reinvestment certificate is retained.
Reinvestment of funds invested in Lifemark and Hometrak through an ISA dated 11 May 2011
HMRC have announced that the government proposes to change the ISA rules to allow Keydata ISA investors who invested in products backed by Lifemark S.A. and Hometrak S.A. to put the amount of capital originally invested in these products back into a stocks and shares ISA and thus regain their ISA tax exemptions. In addition, the proposal will allow ISA investors holding products backed by SLS Capital S.A., Lifemark S.A. and Hometrak S.A. via an ISA manager other than Keydata to benefit in the same way.
Keydata will sending out letters containing the certificates to allow investors to reinvest, where Keydata was the ISA manager, within the next six weeks.
Further details can be obtained from the HMRC website:
http://www.hmrc.gov.uk/isa/bulletin32.pdf
Keydata investors who invested through N&P to receive extra payments dated 27 April 2011
On 21 April 2011, the FSCS and Norwich and Peterborough Building Society (N&P) finalised an agreement confirming that the FSCS will receive approximately £28m. This amount is for compensation the FSCS has already paid to N&P Keydata customers.
This arrangement will facilitate certain ex gratia payments to be made directly to those customers of N&P who invested in Keydata life settlement products. This arrangement is part of N&P’s agreement voluntarily to make ex gratia payments available to all customers who purchased these Keydata products through the firm. N&P will calculate the payments in line with the general approach of the Financial Ombudsman Service in determining Keydata complaints, but the £100,000 cap will not apply.
For further details please see the attached
http://www.fscs.org.uk/industry/news/2011/april/keydata-claimants-who-invested-cwcn7fqe/
http://www.nandp.co.uk/plan-and-invest/independent-financial-advice/keydata/fscs-agreement
FSCS warns people to watch out for bogus callers dated 9 March 2011
The Administrators have been notified that some Keydata investors have received bogus calls, purporting to be from the FSCS and requesting bank details from investors. The FSCS has issued a statement in response to this which can be viewed here.
Recent developments relating to Lifemark dated 16 February 2011
Please view the latest notice posted by Lifemark informing bondholders that the appointment of KPMG as provisional administrator, represented by Mr Eric Collard, has been extended for a period of 3 months.
Financial Services Compensation Scheme's announcement dated 30 November 2010
The FSCS announces its decision on compensation for Lifemark investors’ losses. Please view the full update on the FSCS website.
Recent developments relating to Lifemark dated 10 November 2010
Please view the latest notice to bondholders which has been posted by Lifemark
Financial Services Compensation Scheme's announcement dated 22 October 2010
The FSCS has requested for all investors who have been sent a claim form to submit it to the FSCS as soon as possible so the FSCS is able to assess each investor's eligibility for compensation. Please view the full announcement from the FSCS.
Norwich & Peterborough Building Society (“N&P”) announces loan facility in favour of Lifemark to fund premium payments and other operating expenses
N&P together with CarVal Investors Limited, announced on 20 October 2010 that they are to provide Lifemark with a loan facility to enable Lifemark to pay the premiums due on its US traded life insurance policies and certain other trading expenses. N&P will make available an uncommitted loan facility up to a maximum of £1,5 million to support Lifemark at an interest rate which reflects the risk profile of the loan.
It is hoped this funding will preserve the value of Lifemark’s assets for investors in the medium term and will provide Lifemark with more time to implement a restructuring plan.
FSCS's announcement inviting Lifemark investors to claim compensation
The Financial Services Compensation Scheme (FSCS) has announced today that it will consider claims for compensation from Lifemark investors. This is good news for Lifemark investors and we will continue to work with the FSCS to expedite the processing of claims and payments to investors.
Please follow the link to the FSCS website to view the full announcement.
Lifemark commission arrangements
The Joint Administrators are aware of comments in the Press relating to various commission arrangements entered into by Lifemark SA. The Joint Administrators would like to make it clear that no commission payments have been received by Keydata from Lifemark since they were appointed on 8 June 2009.
Lifemark Income currently held on account by Keydata
Keydata has now distributed the majority of the limited funds which were held on client accounts relating to income payments previously received from Lifemark for periods prior to 25 January 2010. In the main part these relate to plans where Keydata offered an annual income, but for which the initial subscription was so low the investors were actually invested in monthly plans and the income was collected by Keydata to be paid out when the annual income was due. Some investors may therefore have received income that they had not been expecting. Please note that the payments will only comprise income received prior to 25 January 2010 and therefore in most cases will not be a full year's income payment.
Current position
Lifemark is in financial difficulty and is working on a restructuring plan. Lifemark has stated that no income payments are currently possible as it using the remaining cash available to pay the premiums on the existing life policies in order to preserve the value of those policies. Restructuring plans are still being considered by the provisional administrator and we hope to receive further information in the future. Throughout the process we have been working closely with the provisional administrator, and will continue to do so to achieve as satisfactory a result as possible for the affected investors. We will communicate the next steps via this website as soon as we can.
We are aware that there has been some speculation in the Press as to the proposed restructuring. Unfortunately we are unable to make any comment at this stage, as discussions are still ongoing with a number of parties. We appreciate that this is a very difficult time for investors but please be assured that we are continuing to seek a solution as quickly as possible.
We do not know the extent to which investors will receive a repayment of their capital or income. Although we understand that there are underlying assets supporting the investments, these assets are performing poorly and the full impact of this is not yet clear.
The Financial Services Compensation Scheme (FSCS) announced on 28 September 2010 that it will accept claims for compensation from Lifemark investors and you should refer to the FSCS’s website for further details. The FSCS hopes to be in a position to provide a further update about the calculation and payment of compensation by the end of October 2010.
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