Another return on their money will be given to Banskia Securities Limited debenture holders today.TRENT HORNEMAN December 16, 2013 4:05am
Banksia Securities Limited debenture holders will today receive an eight-cent-in-the-dollar return on money invested in the non-bank lender, following its crash last year.
Today’s payment is the fourth, taking the total return to 78 cents in the dollar since its collapse in October last year.
The payment follows the successful sale of the loans within Banksia Mortgage Fund to Deutsche Bank.
This means BMF investors will receive their entire principal and interest calculated to October 31, 2013, and BSL received a substantial payment to sell its exposure to the fund.
Receiver Tony McGrath said based on current information there was no change to the overall expectation of a return totalling 80 to 85 cents in the dollar, meaning further repayments of two to seven cents in the dollar was still expected.
Mr McGrath said the trustee and receivers would re-visit the overall guidance as remaining issues develop in coming months and report any changes in the first quarter of 2014.
‘‘We are closely monitoring our forecasts of returns from the remaining BSL assets, which are now primarily impaired loans. We consider the current guidance of 80 to 85 cents a good guide, with a mid-point of that range being a very realistic target,’’ he said,
Mr McGrath said to ensure the Debenture Holder Committee was appropriately briefed on the options available, the trustee and receivers had endorsed the appointment of an independent advisor to liaise with the receivers on BSL claims and advise the committee on those options.
‘‘We are keen to ensure debenture holders, through the committee, receive clear advice to assist in addressing the complex litigation options facing Banksia, which are an important part of our recovery strategy,’’ he said.
Budding Kyabram actor Taylor Smith Morvell is one of 20 Victorian students chosen to perform his Year 12 theatre studies monologue in Melbourne next week.
The Yarrawonga and District Cemetery Trust has been awarded a $50,000 grant from the Department of Health to undertake development work at the Yarrawonga cemetery.
Members of Murchison Book Club are hosting a literary lunch with Vivien Achia, author of Marrying Italian — When Love is Not Enough.
This year's Southern 80 ski race has reaped an estimated $36.2 million for the district economy.
Rochester and Elmore District Health Service has increased its radiology services from two to four days a week.
Tongala family hopes for transplant call for six-year-old.
Family of former Seymour man killed in a road crash in Los Angeles before Christmas set up a Melbourne University scholarship in his honour.
Tocumwal's Don Elgin is aiming to compete at the 2014 Commonwealth Games in Scotland
Leitchville-Gunbower at home was too strong for Heathcote’s senior footballers in their first Good Friday clash.
Huge crowds turned out for Cobram Barooga's River Beaches Festival, which featured a special splash for 2000 rubber ducks.
South West Arts ArtOut will be held again in 2015 after last weekend's inaugural success.
Some of Australia’s greatest horses and just a few racetrack characters have appeared at the Benalla Racing Club’s grounds in its 150-year history.
Benalla's Kevin Harper will be honoured in the motorcade lap of honour at Melbourne Cricket Ground tomorrow for his service during the Korean War.
Discover unbelievable local deals from local businesses every week in the Goulburn and Murray Valley area with Leapon.com.au!
Search properties for sale or rent across North Central Victoria and Southern NSW. Visit your local website for local homes....
Search for published and unpublished photos from McPherson Media Group newspapers and magazines. All our photos are available to purchase.
Place an advertisement in any one of McPherson Media Group's local newspapers.