A large public meeting of investors of the failed Banksia Securities company have voted to establish a support committee for debenture holders.January 24, 2013 5:00am
More than 350 people attended the meeting at Kyabram and most supported the idea of a committee suggested by Peter Hann, Doug Crow, Peter Nelson and Don McKenzie.
Mr Hann said the group had contacted receiver McGrathNicol and hoped to form an investors’ committee which would have the opportunity to liaise with the receiver and put across the investors’ point of view.
Mr Crow said the idea came from an opportunity provided by the receiver’s representative at the December 14 information session held in Shepparton.
He said the group had a particular concern about the nominated rate of return of 50 to 65 cents in the dollar from sales of the Banksia loan portfolio and wanted to ensure any sell-off of loans did not become a firesale.
He then quoted figures to explain why the group felt a higher return should be expected from the performing loans segment of the Banksia loan portfolio.
‘‘Our group has great difficulty understanding why this segment of the loan portfolio will not command a premium inquiry,’’ he said.
Mr McKenzie said the level of support was confirmed after the meeting, with 317 people signing up in support.
‘‘There were people at the meeting from places including Shepparton, Nagambie, Echuca, Nathalia and Numurkah as well as those from nearer towns,’’ he said.
Two representatives from McGrathNicol — Matthew Caddy and Ashley Johnson — attended the meeting and Mr Caddy fielded a number of questions from the audience. Mr Caddy said the committee would be selected as a representative group and would help provide a two-way communication path.
‘‘The committee would be there to represent you and assist but it cannot make decisions for you and also the receiver does not report to the committee,’’ Mr Caddy said.
The audience also heard from Shepparton-based sol- icitor Rob Crow who outlined the process and current status of the class action writ lodged on behalf of all Banksia and Cherry Fund investors against the companies and its directors, trustees and auditors.
He said more information about the class action was expected to be available within the next few weeks and all investors would receive details in writing.
Neighbourhood Watch Week will start with a sizzle — a sausage sizzle to be precise — at Sevens Creek Dve in Kialla.
Victoria State Emergency Service (SES) and other emergency services are preparing for the next round of wild weather in the north-east.
It was clear blue skies last Tuesday for the official launch of the Gargarro (pronounced Ga-gar-ro) Botanic Gardens in Girgarre.
SNAKES will be coming out of hiding as the weather warms up.
KATH Bubb has been recognised for 50 years of service with the Ballendella Red Cross.
IT EXPERTISE in Kyabram has received recognition after Advance Computing won a Microsoft Australia Partner Award in the excellence in regional area customer category.
Seymour A and B-grade in season decider
Extensive rainfall in the Southern Riverina is having a negative impact on farming.
McIvor Creek – in and around Heathcote – has gone over its banks with all our recent rain, flooding streets and causing closures and detours.
Yarroweyah's Katie Anderson will be heading to Wisconsin in the United States after winning the Dairy Youth Travel Scholarship.
After a 30-year career as an accountant in Deniliquin, Peter Skipworth officially retires today.
Tuesday, August 16
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