BANKSIA investors will receive an initial payment before Christmas of 10 to 15 cents in the dollar of money owed to them.
McGrathNicol, the receivers for Banksia Securities, said yesterday it planned to make the first payment to debenture holders, subject to there being no complications with the claims calculation process.
The first payment was possible because Banksia had substantial funds invested in liquid term deposits with major banks, the receivers said.
McGrathNicol also announced a series of information sessions for Banksia investors in Ballarat and Shepparton on December 14.
Two information sessions will be held at the Mercure Ballarat Hotel and Convention Centre at 613 Main Road, one from 10am-noon and the other from 1pm-3pm.
Two others will be held at the Shepparton Sports Stadium at 120 Numurkah Road, one from 10am-noon and another from 1pm-3pm.
The same information will be provided to investors at all four sessions.
A spokesman for McGrathNicol said the information sessions were for all those who had invested in Banksia, including those who had invested directly in mortgages provided by Banksia — not just debenture holders.
“If they come under the general term of investors, they can attend the meeting,” the spokesman said.
Tony McGrath, from McGrathNicol, said Banksia had offices spread throughout Victoria so the venues for the information sessions were chosen to be convenient for as many debenture holders as possible.
“In making that decision, we evaluated the spread and concentration of debenture holders and the size of available facilities.”
Banksia debenture holders will receive a report on the company’s activities and major assets as well as information about the timing and amount of future payments before the December 14.
The receivers said debenture holders should contact the debenture holder hotline on 1800 722 079 to register for the information sessions.
The announcement of the date and place for the investors’ meeting with the receivers has prompted David Egerton, of Orford, to renew his efforts to organise a bus for fellow local investors to attend.
Mr Egerton said people interested should ring Cole’s Coaches Warrnambool office.
A Cole’s Coaches spokeswoman said yesterday 11 people had so far registered an interest. She said the company would run a bus if it received sufficient numbers.