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IMPORTANT NOTICE

Reyker Securities Update – July 2020

As you are aware, Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson LLP were appointed Joint Special Administrators (“the JSAs”) of Reyker Securities Plc on 8 October 2019.

All assets held by Reyker on behalf of its clients continue to remain safe and under the control of the JSAs.

The JSAs have published in July 2020 an update for the company’s clients and creditors. This may be viewed at
https://smithandwilliamson.com/reyker-securities-plc .

We are providing a summary below:-


Interim Distribution of Client Money

The JSAs confirm that a first interim distribution of client money will be paid during August 2020 from the Client Money Pool (the latter being cash held as at 8 October 2019) to all clients who hold a Client Money balance with Reyker and have submitted a Client Money Instruction Form by 17.00 hours (GMT) on 07 August, 2020. Gravitas Finance LLC (‘’Gravitas’’), as a client of Reyker, is in the process of completing the submission of the required Client Money Instruction Form.

The first interim distribution is announced as the sum of 85p in the £. However, depending on the eligibility of participating clients to the Financial Services Compensation Scheme (FSCS) compensation, a number of participating clients would receive 80p in the £ as interim client money distribution as the JSAs need to maintain a reserve for these clients’ share of the costs of the special administration. In its claim to the JSAs, Gravitas have elected to be considered for the FSCS compensation.

The balance of funds being retained in the Client Money Pool is a provision against future, new and unforeseen, claims against the Client Money Pool (and costs for Clients ineligible for FSCS compensation). The balance of Client Money is expected to be distributed in due course by way of a final distribution.


Transfer of Custody Assets

The transfer of Custody Assets is a separate and court-led process and requires the Distribution Plan ( a detailed legal document with accompanying asset schedules and evidence collated by the JSAs and which details the process by which the Custody Assets will transfer ensuring Clients’ rights are protected) to be submitted to the Courts for consideration and approval before any custody assets transfer can take place.

At 10 July 2020, the JSAs and their legal advisors were finalising the Distribution Plan in collaboration with the Creditors’ Committee, and with input from the FCA, and there are a number of legal and practical matters to be considered prior to the JSAs submitting the desired application to Court.

The aim of the JSAs is to submit the application in early course to obtain a court hearing prior to the Summer recess (which commences 1 August 2020). In the event a hearing date is not scheduled prior to the Summer recess, the JSAs’ advisors believe a case could be made for the application to be heard as an urgent application during the Court’s summer recess. However, this determination will ultimately be at the Court’s discretion.


Gravitas currently awaits further communications from the JSAs as regards the interim return of client monies and the distribution plan.


Please note that the JSAs have set up a dedicated website page to provide all updates to stakeholders, the link of which is provided below. We recommend that you consult the same.
https://smithandwilliamson.com/reyker-securities-plc.

Gravitas has been and will remain in regular contact with the JSAs and will of course continue to keep you updated of all developments regarding the above.

Gravitas support team

2020-07-28 12:36:50 Gravitas Admin

COVID-19 Work Measures

04 May 2020

COVID-19 - Work Measures,

Dear Valued Partner,

Due to Covid-19, Gravitas is expected to maintain its 'work from home' programme to ensure continuity of client services with the least disruption possible till at least 01 June 2020.

We understand that the present situation may cause anxiety but there is currently no impact on our ability to operate our full range of services.

We will continue to monitor the situation and will communicate any further developments with you. Meantime, please do not hesitate to contact us on support@gravitasfinancellc.com for any assistance you may require.

We thank you for your continued support.

Kind Regards and Keep Safe

Gravitas Team

2020-05-08 06:54:15 Gravitas Admin

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