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.
One person has died following a fatal car accident at the intersection of Ford and Grahamvale Rds this morning.
UPDATE: NSW Police have confirmed the body of a Warrnambool woman, 61, who went missing in the Murray River yesterday has been found.
Mark Pacitti was in Tatura on Tuesday to talk about his book Dancing With The Black Dog, which addresses his personal issue with depression.
A Maryborough truck driver who stole a Royal Children's Hospital charity tin at an Echuca service station has received a wholly suspended jail sentence.
Victoria Police family violence adviser Sergeant Margaret Singe has plenty of tips to help victims of domestic violence keep themselves safe.
A woman was killed in a single-vehicle crash at Wyuna yesterday morning.
Canoe polo only made its debut on Lake Nagambie at the weekend - but it could be the venue for the sport's biggest event in 2018.
A man was due to appear in court today of numerous charges, including firing a firearm in a public place.
Police are investigating an accident at Burramboot on the Heathcote-Rochester Rd in which four people were killed last night.
Huge crowds turn out at Cobram for thrills and spills of novel motorsport.
Teenager Rowan Smith took his amateur record to 1-1 after a unanimous points decision on Saturday night.
The fruit industry is becoming weary of being told of huge opportunities in markets in Asia by Australian governments which cannot negotiate free trade agreements to get access.
The plight of Australian prisoners of war will be commemorated next week at a special screening of the powerful film The Railway Man.
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.