This sixth announcement provides customers with an update to the composition of the portfolio of securities that LBIE expects to recover from LBI (the “LBI Portfolio”) previously presented in our third and fifth announcements on 20 December 2012 and 27 February 2013 respectively.
The aggregate estimated value of the cash (including post filing income), common stock and equity type products and fixed income securities in the LBI Portfolio is set out below.
31 January 2013 | 30 November 2012 | Change | ||||
$m | $m | $m | ||||
Cash (including post filing income) | 4,731 | 52% | 4,530 | 51% | 201 | 4% |
Common stock and equity type products | 3,703 | 41% | 3,597 | 40% | 106 | 3% |
Fixed income securities | 667 | 7% | 763 | 9% | (96) | (13)% |
9,101 | 100% | 8,890 | 100% | 211 | 2% |
Common stock and equity type products have risen in the period reflecting market conditions at the time. The combined effect of corporate actions, redemptions and ongoing reconciliation activity have resulted in a reduction in Fixed income securities and an increase in Cash (including post filing income).
LBIE cannot guarantee 100% accuracy in respect of this information nor confirm that it or the assumptions made in rolling the securities forward for corporate actions fully reflect what has actually occurred. The ultimate value of the LBI Portfolio is dependent upon the settlement with LBI being approved, delivery of the LBI Portfolio to LBIE from LBI thereafter and the cash proceeds realised from the liquidation of the non cash assets.
Details of the LBI Portfolio are included in the tables below together with comparisons from the fifth announcement.
The information and contents of this update communication are being provided to you by LBIE for discussion purposes only. This update does not constitute a commitment or offer on the part of LBIE or its Joint Administrators, and should not be construed as such, nor does it constitute any form of advice to the recipients. The contents of this communication are based on provisional analysis by LBIE and/or information provided by LBI, which has not been audited and LBIE reserves the right without specifying any reasons to amend all or part of this communication.
Any party (including any recipients) who obtains access to and chooses to rely on this update communication (or any part thereof) will do so entirely at its own risk. No person has, nor is held out as having, any authority to give any statement, warranty, proposal or undertaking on behalf of LBIE or its Joint Administrators in connection with this communication.
LBIE and its Joint Administrators will be under no obligation to provide the recipients with access to any additional information, to update this document or to correct any inaccuracies in it which may become apparent.
LBIE and its Joint Administrators, and their respective officers, employees and agents disclaim any liability which may arise from this communication, or any other written or oral information provided in connection herewith, and any errors and/or omissions herein or therein.
Nothing contained in this update communication is an acknowledgement of any claim that a recipient or any other claimant may have against LBIE or any other entity. Neither LBIE nor its Joint Administrators shall have any liability to any recipient or to any other person in respect of the information contained herein or for any defect or incompleteness in it. No representation is made by LBIE or its Joint Administrators about any claim that may be asserted against LBIE in respect of the LBI positions or any shortfall in recovery of the LBI positions.