Debentures (aka Provident Capital Fixed Term Investment)

Exemption Date – 3 July 2012

ACTUAL INCOME AND ASSET DETAILS TO BE HELD

Note: Basis for Asset Value estimations listed in the table above:

-   Original estimated return of 25% was announced effective 3 July 2012.

-   2% of the face value of the original investment amount was paid on 21 June 2013 thereby reducing the remaining estimated return to 23% (i.e. original estimate of 25% minus 2% capital paid = 23% remaining).

-   Revised estimated return of 17% was announced effective 8 October 2013 thereby reducing the remaining estimated return to 15% (i.e. revised estimate of 17% minus 2% capital paid = 15% remaining).

-   2% of the face value of the original investment amount was paid on 15 October 2013 thereby reducing the remaining estimated return to 13% (i.e. last estimate of 17% minus 2% capital paid minus 2% capital paid = 13% remaining).

-   2% of the face value of the original investment amount was paid on 16 July 2014 thereby reducing the remaining estimated return to 11% (i.e. last estimate of 17% minus 2% capital paid minus 2% capital paid minus 2% capital paid = 11% remaining).

-   2% of the face value of the original investment amount was paid on 19 December 2014 thereby reducing the remaining estimated return to 9% (i.e. last estimate of 17% minus 2% capital paid minus 2% capital paid minus 2% capital paid minus 2% capital paid = 9% remaining).

-   Revised estimated return of 12% was announced effective 16 April 2015, thereby reducing the remaining estimated return to 4% (i.e. new revised estimate of 12% minus 2% capital paid minus 2% capital paid minus 2% capital paid minus 2% capital paid = 4% remaining).

You must find out how the capital return was reinvested or disposed of prior to reducing the asset value of the existing Provident Capital Limited debenture as at the date of each capital return.

The Liquidator has advised there will be more distributions to come, the exact dates and amounts are unknown at this stage.

Note : Not a Ministerial Exemption.  These financial investments are no longer classed as financial assets as this company is in the process of irreversible wind up. See CLIK guidelines P10/C2/S4/Assessing Failed Loans and Debts.