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New Banksia return

Banksia Securities investors have received a further return of 8¢ in the dollar from administrator McGrathNicol.

December 24, 2013 8:05am

Banksia Securities investors have received a further return of 8¢ in the dollar from administrator McGrathNicol.

The return takes the total returned to Banksia debenture holders to 78¢ in the dollar and is the fourth payment to investors. According to a statement McGrathNicol issued to investors, the administrator expects to return 80¢ to 85¢ in the dollar which means investors could receive further payments of between two and seven cents in the dollar.

‘‘The trustee and receivers consider the current repayment guidance is a good guide, with the mid-point of that range being a realistic target,’’ Receiver and manager Tony McGrath told investors.

A further update on asset realisations, potential litigation and receivers progress is expected to be provided in the first quarter of 2014.

Banksia Securities collapsed in October last year, owing investors $660million.

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