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Receivers backflip on local meeting

Banksia investors in the district will now get the opportunity to hear from receivers McGrathNicol first hand in Kyabram.

November 28, 2012 4:49am

Banksia investors in the district will now get the opportunity to hear from receivers McGrathNicol first hand in Kyabram.

Investors also received a second piece of good news with notification the initial payment of between 10 cents and 15 cents in the dollar is expected to be made on December 7, provided payment details are processed in time.

On Friday, the receivers announced an extra information session would be held in the Banksia Financial Group’s Kyabram heartland on December 14.

Last week investors in Kyabram and surrounding towns expressed their anger and disappointment after McGrathNicol announced it was to hold four information sessions for debenture holders of the failed financial group, two in Shepparton and two in Ballarat.

With so many long-term and loyal investors located in and around the town where Banksia began, it had been assumed and expected there would be a session in Kyabram.

In Friday’s statement, receiver Tony McGrath said Kyabram, as the home of Banksia, was always under consideration as a location for an information session.

Mr McGrath said a strong response from Kyabram-based debenture holders for a meeting in their town confirmed this view.

Kyabram Chamber of Commerce president Sheryl Hatch said she was pleased to hear local people would not have to travel to Shepparton after all.

Mrs Hatch summed up the reaction to the news with her post on the Free Press Facebook page, ‘‘Well done Kyabram on making enough noise to make a difference.’’

Campaspe Shire Council chief executive Keith Baillie, who advocated for a Kyabram information session when he attended the Victorian Government’s first Banksia Working Group Meeting, was also pleased with the response.

‘‘We welcome the news that the receivers are working towards hosting an information session in Kyabram for BSL investors,’’ he said.

‘‘A meeting in Kyabram is clearly necessary given the large number of impacted local people.’’

Mr Baillie said Campaspe Shire Council would be happy to work with the receivers to find a suitable venue for the meeting.

The time and location of the Kyabram session is yet to be confirmed but a further announcement is expected within the next few days.

Suggestions for possible locations have included Kyabram Sports and Entertainment Centre, although it is understood the centre’s sprung floor may make it an unviable option, and the Kyabram P-12 College hall.

Member for Rodney Paul Weller, who also supported calls for a Kyabram meeting, said he would like to see the receivers tell investors exactly what a ‘‘meaningful return’’ means and for a timeline to be set out for payments.

‘‘My thoughts are with the individuals and their families across the Rodney electorate affected by this sudden collapse and information for investors should be a priority,’’ he said.

The information sessions will be available for viewing on December 15 via a webcast on the McGrathNicol and Banksia websites, www.mcgrathnicol.com and www.banksiagroup.com.au.

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