Banksia debenture holders to get bigger return after sale of loan portfolio
- {{x.value}}
{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter verification code' }}
{{ completedStep1 ? 'Authentication & Security' : content.trialHeading.replace('{0}', user.FirstName) }}
{{ content.upgradeHeading.replace('{0}', user.FirstName) }}
The email address you entered is registered with InvestSMART
Please login to continue
We have sent you an email with the details of your registration.
Looks you are already a member. Please enter your password to proceed
{{ upgradeCTAText }}
Updating information
Please wait ...
Your membership to InvestSMART Group recently failed to renew.
Please make sure your payment details are up to date to continue your membership.
Having trouble renewing?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
You've recently updated your payment details.
It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.
If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.
Still having trouble viewing content?
Please contact Member Services on support@investsmart.com.au or 1300 880 160
Please click on the ACTIVATE button to activate your Intelligent Investor 15-day free trial
Please click on the ACTIVATE button to finalise your membership
Unsuccessful registration
Registration for this event is available only to Eureka Report members. View our membership page for more information.
Registration for this event is available only to Intelligent Investor members. View our membership page for more information.
- You are already registered for this event.
- This event is already full.
- Please select a quantity for at least one ticket.
- {{ i }}
Forgotten password
Please enter your email address below to request a new password
- Verify your email address by clicking on the link we sent to {{user.Email}}
- You now have free access, we look forward to helping you on your financial journey.
Receiver of the non-bank lender McGrathNicol said on Tuesday it sold Banksia's $240 million loan portfolio to Deutsche Bank for an undisclosed sum.
"We are pleased to advise our revised best estimate is an overall return of 80 to 85¢ in the dollar," McGrathNicol said. It now expects to distribute 10¢ a dollar around May 17 and a further 35¢ before the end of the financial year.
"It is our expectation that by 30 June, 2013, Banksia Securities debenture holders would have received total repayments of 65¢ in the dollar," McGrathNicol said.
The firm was still dealing with non-core assets, including freehold properties, financial products and trying to recover inter-company loans. Banksia had 10 offices in Victoria, NSW and South Australia, when it was placed in receivership on October 25 last year with $663 million in investors' funds.
Banksia's Cherry Fund Limited collapsed five days later, owing its investors a further $10 million.
Investors in Cherry Fund may get more than forecast and should expect to receive 20¢ for every dollar they lost around May 17.
Call 1300 880 160
Start a chat
Schedule a call
