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.
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