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.
Convicted murderer Steven James Bradley remains calm in face of guilty verdict in trial for murder of teenager Michelle Buckingham in 1983.
With her effective left hand in particular, Chelsea Hanley retained the Victorian Under 17 junior welterweight title last Sunday with a convincing points decision victory.
It has been a successful year for Bega Cheese, which reflects on Tatura Milk Industries, with chair Barry Irvin announcing recently that Bega Cheese’s normalised earnings before interest, tax, depreciation and amortisation was $55.7 million and normalised profit after tax of $22 million.
ECHUCA police are still investigating the cause of an accident which saw a car and train collide on Ogilvie Ave on Friday night.
TIMMERING Holstein breeders Scott and Nirrelle Somerville are thrilled with the announcement of their Holstein cow Somerelle Leader Lassco as the 2015 Australian Cow of the Year.
Great Race helps a great cause
Hundreds flock to Avenel to learn a thing or three.
Tocumwal Lions Club has plans to purchase the Bowling Club site for an aged care facility, which will only happen if the merger between the Tocumwal bowls and golf clubs proceeds.
A NASTY run-in with a kangaroo on the Northern Hwy between Melbourne and Echuca has convinced one regular traveller on the road the question of a cull needs to be addressed.
Three Cobram teens have been arrested by police after they allegedly stole tractors from Cobram and Tocumwal and caused about $30 000 in damage.
Deniliquin footballers Will Shaw and Cooper Wallace (pictured) have gone head-to-head with the state’s best at the recent AFL NSW/ACT Joss Under-14 State Zone Trials in Albury.
The Australian Dairy Industry Council (ADIC) has acknowledged the completion of negotiations under the Trans Pacific Partnership (TPP), noting modest but important gains made for the Australian dairy industry in improving access to global markets.
Benalla banded together to raise $2000 for the Abolishing Injustice in the 21st Century (A21).
The News magazines are online - read high quality magazines in your time. Check in regularly for the latest editions.
Riverine Herald's well regarded locally produced magazines. They're now online, so you can read them whenever and wherever you like.
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.