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Banksia investors receive further 8 cents

Banksia Securities investors have received their fourth interim repayment.

December 18, 2013 4:27am

Banksia Securities investors received a further repayment of 8¢ in the dollar on Monday.

Receiver McGrathNicol announced details of the fourth interim repayment, which brings the total repaid to 78¢ in the dollar.

The payment follows completion of the sale of loans from within Banksia Mortgage Fund to Deutsche Bank.

Receiver Tony McGrath said the trustee and receiver would revisit the overall guidance on repayments as remaining issues develop and report any changes during the first quarter of next year.

‘‘We are closely monitoring our forecasts of returns from the remaining BSL assets, which are now primarily impaired loans,’’ Mr McGrath said.

‘‘We consider the current guidance of 80¢ to 85¢ in the dollar a good guide, with a mid-point of that range being a very realistic target.’’

A McGrathNicol statement also announced that following the public examinations of various BSL directors, staff members and third parties this year, an independent advisor has been appointed to liaise with the receiver on BSL claims and advise the debenture holder committee of the 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,’’ the receiver said.

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