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Fifth interim repayment for Banksia debenture holders

Banksia Securities Ltd debenture holders are to receive a further repayment of two cents in the dollar today.

April 2, 2014 3:10pm

Banksia Securities Ltd receivers McGrathNicol has today announced a further repayment of two cents in the dollar to BSL debunture holders.

This is the fifth interim repayment and brings the total repaid to 80 cents in the dollar.

Receiver Tony McGrath said, based on information currently available, a final overall projected repayment of 82 to 83 cents in the dollar is achievable from estimated remaining asset recoveries.

‘‘We are very pleased that we have now achieved the ‘low’ range of our previous repayment guidance of 80 to 85 cents inthe dollar,’’ he said.

Mr McGrath said the timing and amount of further returns is dependent on the outcome of any litigation recoveries.

BSL went into receivership in October 2012 owing debenture holders $660 million.

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