Covering the Goulburn and Murray valleys

Investors offered voice

Kyabram to hold meeting on forming a Banksia debenture holder committee.

January 9, 2013 4:56am

More than 600 people who packed Kyabram P-12 College assembly hall in December heard that Banksia Securities did not have enough provisions to cover its loans.

A meeting to discuss the proposal by receivers McGrathNicol to forming a Debenture Holder Committee of Banksia Securities and Cherry Fund investors is to take place in Kyabram on Monday evening.

The meeting is to follow up an idea, raised at the investor information sessions run by receivers McGrathNicol on December 14, to have a committee to represent investors and liaise with the receivers.

Four Kyabram identities, Peter Hann, Peter Nelson, Don McKenzie and Doug Crow, have set up the meeting.

‘‘An indication was given of the receivers’ preparedness to involve small groups in the realisation of the loan assets of Banksia Securities and Cherry Fund,’’ Mr Crow said.

‘‘We have accordingly lodged our interests with the receiver and will hold a public meeting to gain support and give people an opportunity to provide suggestions in relation to this.’’

Mr Crow said the group’s intention is to provide a strong voice to the receiver on behalf of all Banksia and Cherry Fund investors.


‘‘We’re really seeking to get people there to give us support for what we’re doing. We just want people to know we are going to do what we can to maximise the result,’’ he said.

‘‘We want people to come along and give us their thoughts, give us their support, so we can go back to the receivers with a strong voice.

‘‘If we can tell the receiver that at a meeting in Kyabram on January 14 so many hundreds of people unanimously supported what was proposed you would be disappointed if the receiver didn’t take some notice.’’

Solicitor Rob Crow, who is part of a legal team involved with the class action lodged on December 24, will also be attending the meeting to briefly outline the process of the action.

The meeting will be held at Kyabram Plaza Theatre on Monday, January 14 starting at 6pm and is expected to last between an hour and 90 minutes.

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