Helix Updates Market

Hamilton, Bermuda – 2 February 2018 – In a filing with the Bermuda Stock Exchange (“BSX”) Helix Investment Management SLP updates market: The full filing stated:

Helix Investment Management SLP (“Helix”) announced in its press release of 19 January that a general meeting of shareholders of the Privilege Wealth PLC (the “Company”) and a subsequent meeting of creditors had been called for 23 January 2018 to vote on a resolution for a creditors voluntary liquidation. These meetings did not proceed and accordingly the Company was not placed in to liquidation. Helix has subsequently received notification that the Company has been placed into administration and Joint Administrators have been appointed.

Helix has not been provided specific reasons as to why the Company elected to enter into administration rather that a creditors voluntary liquidation.  In general terms a company would elect to enter administration with a view to business rescue and recovery or to achieve a greater return from its assets than it would do in liquidation. We also understand that entering into an administration with the assistance of qualified insolvency practitioners may be to seek to allow the Company the time needed to negotiate with creditors or liquidate some assets in order to repay debts.

The appointment of Joint Administrators does not impede or change the loan recovery process which Helix had commenced prior to entering administration.  Helix will continue with its process of recovery against the Company and will continue with its action plan for enforcement of its security rights.

Helix is hopeful that the appointment of the Joint Administrators will help facilitate more responsive communication from the Company and provide a forum for better interaction with the Company in its efforts to recover its outstanding loans.

At this stage, and after consultation with its legal counsel, Helix considers that it is not possible to assess with certainty the timeline and expected quantum of recovery from its security interests. During this period it is not possible to accurately assess the fair value of the Tranche A, B and C notes issued under Helix “Privilege Wealth” medium term note program (the “Notes”).

Under the circumstances Helix has voluntarily requested of the Bermuda Stock Exchange to suspend the trading of the Notes pending clarification of the fair value of the Notes. We will request to lift the suspension once Helix has determined the timeline and value of the recovery and once it has the ability to properly assess the value of the Notes.