Merlin Trust - Update November 2020

As you know, based on the instructions of the Trustee in Malta, we are distributing proceeds from the Merlin Trust to the beneficiaries.

To date, 39% of the proceeds have been sent and received by beneficiaries. Authorisation has now been received to distribute funds roughly representing a further 20% and the admin team is now executing these international payments.

This leaves approximately 40% of funds that are yet to be remitted, and it is likely that the majority of these are delayed through the difficulty in completing correct AML documentation. We therefore encourage all beneficiaries to execute their AML documentation as swiftly as possible.

For those waiting for tax certification from PWC in respect of tax already paid in Spain, we are waiting for the Spanish Tax authorities to issue their final tax statement. As you will understand, we cannot force them to act quickly, but PWC, on your behalf, are regularly in touch with the tax authorities to encourage the completion of this matter.