Banksia investors set for next instalment


May 16, 2013 13:43:59

Investors in Banksia are set to receive a further 45 cents in the dollar from the collapsed financial company as the receivers sell the company’s assets.

Debenture holders who had investments with Banksia were scheduled to receive a 10 cent dividend tomorrow, but will receive an extra 35 cents ahead of schedule because a sale of some of the company’s loans to Deutsche Bank was completed earlier than expected.

It was announced in April that Deutsche Bank would pay $240 million for Banksia’s portfolio of 500 performing loans.

The receivers, McGrathNicol, say investors caught up in Banksia’s collapse last October will have received 65 cents per dollar of their investments following the payment tomorrow.

Banksia collapsed owing $660 million, mostly to Victorians living in regional areas who held debentures – a form of interest-bearing investment that is not covered by the Federal Government’s deposit guarantee.

McGrathNicol are still forecasting that investors will get back between 80-85 cents in the dollar of their investments in the collapsed financial company.

The receivers say Banksia investors can receive another update within the next six to eight weeks.


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