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21, 22. Charge over Company's assets The Company has registered a charge i sae ge in favour of The Royal Bank of Scotlar Limited over cash deposits in the ileeelaoee posi amount of £25,000 as security over credit Capital Management The Gibraltar FSC specifies the minimum amount and type of capital that must be held by # Company to meet its insurance liabilities. The minimum required capital must be maintained ; all times throughout the period. ‘The Company must hold assets in excess of the minimum regulatory capital known as the ‘Required Minimum Margin’, which is calculated based on applying fixed percentages to the premiums written and eamed for the period, and claims incurred for the 3 years up to and including the current period under consideration. During the year the company increased its capital base for solvency purposes by £17.5m by direct, capital injection and £20.5m by asset restructure. Despite these increases the capital base of the company remains technically insolvent and is showing a £11.9m deficit. The company continues to work with the FSC in order to comply with the restoration plan agreed in 2011. Ultimate controlling party The Company’s immediate parent Company is Southern Rock Holdings Limited, a registered in Gibraltar. The Company's ultimate parent Company is Rock Holdings Limited, a Company registered in the Isle of Man. The ultimate controlling party of Rock Holdings Limited is Arron Fraser Andrew Banks as m shareholder of that company.

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