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.
Shepparton’s Declo Bisimwa firmly believes education is the key to a better life.
Beautiful weather greeted Tungamah residents for the 18th running of the Tungamah Lions Ten Thousand on Sunday.
When Keith and Marion Grumley and their growing family moved to Tatura on January 18, 1968, little did they know that it would be the start of a long and lasting connection to the town.
Garners Boxing Gym in Echuca is encouraging young people to get active with weekly boxing/cardio classes.
Rochester Rotary Club has celebrated its 50th birthday in style.
Sorting future of Campaspe pools
A theatre production with a difference is coming to Seymour.
Local athletes will go head-to-head with some of the best competitors from around the world in swimming and athletics in December.
District residents and visitors will be able to enjoy some of the region’s most beautiful private gardens on Sunday.
The 116th annual Cobram Show went off with a bang at the weekend, drawing in crowds from far and wide for two days of fun.
Tomorrow is a Total Fire Ban day in Deniliquin, meaning no fires can be lit in the open and all fire permits are suspended.
Fifty new full-time jobs will be created at Tatura with a multimillion-dollar expansion of the abattoirs expected to be announced today.
Remembering Australian political giant Gough Whitlam who once called on Benalla police to stop then Treasurer Frank Crean on his journey up the Hume to phone the PM.
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.