Banksia Securities Limited receivers have announced the next repayment of at least five cents in the dollar in May.February 7, 2013 11:38am
Banksia debenture holders can expect their next repayment of at least five cents in the dollar in May, receivers and managers of Banksia Securities Limited, McGrathNicol, announced today.
McGrathNicol said they would accelerate the timing of returns to BSL debenture holders based on their collections to date and anticipated sale of BSL’s performing loan portfolio.
The receivers said they expect strong interest from a range of parties for the approximately 565-loan portfolio that was marketed for sale last week, and expected final offers to be received late next month before completing the sale during April 2013.
“Based on the rate of collections to date, we anticipate being able to make our next repayment to BSL debenture holders by early May and that this will be in the order of at least 5 cents in the dollar,” Receiver Tony McGrath said.
“Additionally, provided the sale process of the performing loan portfolio occurs in the timeframe anticipated, we expect to be able to make a significant further distribution, in the order of 20 to 35 cents, prior to 30 June 2013, thus accelerating the timing of overall returns to debenture holders.”
Mr McGrath said whilst he was unable to comment on a likely sale price for the performing loan portfolio, which has a face value of $270 million, he was confident of a positive sale outcome based on the strength and calibre of the interested parties.
He said he retained his forecast overall return for BSL debenture holders of 50-65 cents in the dollar but expected the lower end of that forecast to be exceeded.
Mr McGrath confirmed the receivers were reviewing a broad range of matters to determine whether there were any actionable claims against third parties that can increase returns to debenture holders.
“As part of this process, we are undertaking a detailed review of BSL’s records and disclosures, related party transactions and advances and the manner in which key parties such as directors, officers, auditors and other advisers have discharged their duties,” Mr McGrath said.
“We are also working closely with the Australian Securities and Investments Commission to assist them with their inquiries as to the failure of the company.”
He said it is likely the receivers will publicly examine a number of individuals in the Supreme Court of Victoria to assist their investigations and consideration of whether recovery action should be commenced.
He said ASIC had consented to examinations for a number of key parties.
Mr McGrath said a committee of debenture holders would be formed to provide a forum to discuss the progress of key receivership matters including investigations, asset realisations and distributions and to represent the views of debenture holders generally.
The Bureau of Meteorology has released a severe weather warning for regions that include Shepparton. It includes damaging winds and the potential for flash flooding.
Pete O’Neill and Abby Hicks are national champions at the completion of the 2015 Australian Barefoot Championships held last week.
Popular Tatura hairdresser Gabrielle Dodd and her English beau Daniel Coombs were married at Sacred Heart Church on Friday.
Echuca Racing Club has run its last March Echuca cup meeting.
Rochester boxing coach Chris Trewin and his team of dedicated trainers have been hitting the bag for more than six months and the results are beginning to show.
Local MP calls for community applications
A special event will take place at Pioneer Park on Sunday.
Jerilderie's born and bred Madeleine Harris has been recognised for her banking and finance career
Concerned Costerfield residents had the chance to voice their antimony health concerns last week after an independent facilitator was appointed.
Strathmerton clinched a win in the high-scoring game against Mathoura on the weekend in the PDFL North West competition.
Deniliquin swimming dynamo Stephen Dalzell has finished 13th overall in his preferred event at the Australian Age Championships.
Murray Goulburn Co-operative has set a date for a special meeting to vote on a new capital structure.
Emergency services are on scene of a two-car crash on the Midland Hwy, near Benalla. Two people have died. Traffic is being diverted.
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.