Firstly, can I apologise for the lack of communication from my side regarding information on the interest payment, I am not going to make any excuses as I am sure you are not interested as all you require are the facts. At present the Dec-21 and June-22 coupons are not expected to be paid as the focus is on returning the full principal as detailed below.
Following our investor update of 31 January 2022, we have spent a considerable amount of time establishing the amount of recoverable funds and also putting together the plan to recover the outstanding defaulted loans. As per the Information Memorandum, Access holds security over the assets of these underlying business loans.
We have had some defaults in underlying loans which has interrupted Access Commercial’s cash flow, however after spending the last 3 months reviewing the loan book we estimate that 67% of the loans are short-term recoverable and it is our intention is to pay the full principle to investors, however the full repayment will be extremely challenging in 2022 but we expect part payment in 2022 and the final payment in 2023.
We will continue to keep you abreast of developments in due course.