With rumours of potential investment returns from Banksia Securities circulating around Kyabram late last week, the Free Press asked receivers McGrathNicol for clarification.November 7, 2012 4:53am
With rumours of potential investment returns from Banksia Securities circulating around Kyabram late last week, the Free Press asked receivers McGrathNicol for clarification.
It appears some investors received the update from McGrathNicol, dated October 26, early in the week while others did not see it until last Thursday or Friday.
A spokesperson for McGrathNicol confirmed on Monday at this stage no figures have been quoted.
‘‘Receivers have said in the circular and in a media release ‘they expect a meaningful return for debenture holders’. While there has been speculation about the quantum or timing of this return, receivers have not made any comment about this,’’ the spokesperson said.
‘‘Any correspondence sent to debenture holders has been posted on the Banksia website as a circular to debenture holders.’’
So for now the official current liquidity position and return to investors stands as quoted in the October 26 update received by debenture holders.
Return to investors
While it is not expected that Debenture Holders will recover all of their funds, the Receivers do anticipate Debenture Holders will receive a meaningful return on their investment. It is anticipated that the Receivers will provide more clarity around this issue at the meeting with Debenture Holders in five weeks’ time.
Current liquidity position
As mentioned above, Debenture Holders are owed approximately $650 million. Currently, Banksia has substantial liquid assets. Given this substantial liquidity position, the Receivers will immediately explore how best they can start making payments to Debenture Holders. It is our objective to start to make an initial return of capital to Debenture Holders within eight weeks.
There is also no news yet with regard to the meeting to be convened by the receivers with debenture holders within the next five weeks as noted in the update.
One question which does arise is on where such a meeting could be held, given the number of investors affected, the likelihood of a large attendance and the geographical locations of investors.
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