NI Presbyterian mutual society, Short of funds for withdrawal?

Toastandbutter

BETRAYED wrote: »

I find that the two questions on everbody's mind at the moment are

1 When are we getting our money back?
2 How much are we getting?

Like you I have been trying to calculate the answer to the latter question and I see no reason to disagree with your projection.

Because payment will not be made until June it means that we have lost yet another year in which we can make use of any Cash or Share Isa entitlement.
I am also calculating how much interest I have been deprived of by the period of time it took to get the matter resolved.

Thanks Betrayed

Another point is, I suggest that informal discussion/speculation around the mechanics and amounts of money available should be helpful to people in deciding what questions they need to ask at the soon to happen clarification meetings.

T&B

BETRAYED

I imagine that the meetings will take the form of a presentation of the Administrator's Proposal, a question and answer session on the proposals and have the objective of 'persuading' creditors to vote yes.
Can't imagine Mr Boyd will be on the platform himself.
I think this is an important time for the Creditors' Committee. I see them here for the whole period of administration.
Mr Boyd did say that he would seek their opinion. Hope he does.

Excap123

The administrator has to put the whole scheme to a vote so I would expect shortly to be getting the details of who gets what and when. So I have decided that (a) I shouldn't try and work out something so complicated all by myself - only to be proved wrong - and (b) to have a little more patience. I would think a court-approved scheme would have to contain all information we need to make up our minds - so I'd only go to a meeting to see what the mood was. But we have to be straight with ourselves - this is the only deal in town. If it's turned down, there's no second chance.

ballyblack

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/pms-investors-to-vote-on-226m-rescue-package-15132156.html

joylikes2shop

Update from the Administrator 1 April 2011

....''I am pleased to be able to tell members and creditors that the Court has approved the process by which I will put a proposed Scheme of Arrangement to a vote. The proposed scheme is designed to facilitate the pay out of those sums provided by the Government and the Presbyterian Church in Ireland by way of financial assistance. I expect to be able to send the proposed scheme and voting papers to members and creditors next week. They will receive all the information necessary on which to make a decision to accept or reject the proposed scheme. If it is accepted, it will require to be sanctioned by the Court before payments can be made. At this stage it is not possible to be precise about timings, but all being well I hope to be in a position – if the scheme is approved – to process payments in late June/early July....'

http://www.presbyterianmutualsociety.co.uk/

BETRAYED

The Administrator's Proposal in Relation To A Scheme of Arrangement has arrived in my mail today.

60 plus pages

20 K band are being paid 97%
Sliding scale for the remainder from 87% to 10%

Need to study document fully.

abeliever

Sliding scale referred to above relates to "return of Share Capital". Different arrangements apply for "Loan Capital" balances. Creditors will receive 85p/100p - with 15p/100p compulsory deferral. They (Creditors) can, if they so wish, defer a further 5 or 10p/100p to help top up the "return of Share Capital" to Members. £1.2m of voluntary deferral by Creditors will enable Administrator to pay Share Capital in full.

Members do need to study document fully; it may also be helpful to attend one of the Clarification Sessions (8 in total) to be help across the Province - commencing Monday 11th April & ending Wednesday 4th May 2011.

KingVardas

A lot to take in here but it looks like 77p to 97p or even more depending on your mix of savings - shares and loans. BTW the meetings will be in the documents when you get them - they are in ours. I don't think they should put them up on a public website.

KingVardas

Just noticed too that you are sent a sort of admission card to get into the meeting in whatever location you are in. The documents also give contact details so i assume you can also email them with any query. Most sit down and read this thing properly and then try and explain it to an elderly person.

Grrrandad

KingVardas wrote: »

A lot to take in here but it looks like 77p to 97p or even more depending on your mix of savings - shares and loans. BTW the meetings will be in the documents when you get them - they are in ours. I don't think they should put them up on a public website.

I haven't received the document yet but do you reckon individual savers will be able to calculate what they can expect to receive if 'yes' vote recorded?