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Fund Distribution Limited reveals 97 per cent of investors accept first distribution offer

Fund Distribution Limited has revealed that 97 per cent of investors have accepted its first distribution offer.

FDL says that 113m has been paid out to around 24,600 investors out of a total of 43,000 qualifying investments.

The first distribution payments cover losses of 284m and represents a recovery of around 40 per cent of losses after allowing for payments made by others.

An estimated 29.5 m is expected to be made available for the second distribution which is likely to equate to 10p in the pound, although the final amount cannot be determined until FDL’s final costs and income are known.

FDL plans to announce and distribute the second distribution in the last quarter of this year.

The board is also working towards the formal winding-up of FDL which is expected to commence once the second distribution payment has been made.

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