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Banksia receivers to hold large-scale meetings

Banksia Securities Limited debenture holders will meet with receivers at large-scale meetings in Shepparton and Kyabram tomorrow.

December 13, 2012 4:27am

Banksia Securities Limited debenture holders will meet with receivers tomorrow.

Receiver McGrathNicol issued initial payments of 20 cents in the dollar to Banksia investors on Friday.

It was the first payment made to investors after the non-bank lender went into receivership in October.

McGrathNicol told investors that it expected overall returns to be between 50 and 65 cents in the dollar, with all payments to be complete next year.

The receiver also flagged potential returns of 55 and 70 cents in the dollar for investors in Cherry Fund Limited, another arm of Banksia Securities Limited.

No payments were made to Cherry Fund debenture holders on Friday.

Investors will meet with receivers at large-scale meetings in Shepparton and Kyabram.

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