Debentures
Exemption Date – 25 October 2012
ACTUAL INCOME AND ASSET DETAILS TO BE HELD
Asset Value |
| Effective Date |
50% | of the face value of the investment | 25 October 2012 |
30% | of the face value of the investment | 7 December 2012 |
60% | of the face value of the investment | 23 April 2013 |
15% | of the face value of the investment | 17 May 2013 |
10% | of the face value of the investment | 18 October 2013 |
2% | of the face value of the investment | 16 December 2013 |
2% | of the face value of the investment | 2 April 2014 |
Income Value |
|
|
0% | no actual income is being paid | 25 October 2012 |
Note: Basis for Asset Value estimations listed in the table above:
- Original estimated return of 50% was announced effective 25 October 2012
- 20% of the face value of the original investment amount was paid on 7 December 2012 thereby reducing the remaining estimated return to 30% (i.e. original estimate of 50% minus 20% capital paid = 30% remaining).
- Revised estimated return of 80% was announced effective 23 April 2013 thereby increasing the remaining estimated return to 60% (i.e. new estimate of 80% minus 20% capital paid = 60% remaining).
- 45% of the face value of the original investment amount was paid on 17 May 2013 thereby reducing the remaining estimated return to 15% (i.e. last estimate of 80% minus 20% capital paid minus 45% capital paid = 15% remaining).
- 5% of the face value of the original investment amount was paid on 18 October 2013 thereby reducing the remaining estimated return to 10% (i.e. last estimate of 80% minus 20% capital paid minus 45% capital paid minus 5% capital paid = 10% remaining).
- 8% of the face value of the original investment amount was paid on 16 December 2013 thereby reducing the remaining estimated return to 2% (i.e. last estimate of 80% minus 20% capital paid minus 45% capital paid minus 5% capital paid minus 8% capital paid = 2% remaining).
- Revised estimated return of 82% was announced effective 2 April 2014 thereby increasing the remaining estimated return to 4% (i.e. new estimate of 82% minus 20% capital paid minus 45% capital paid minus 5% capital paid minus 8% capital paid = 4% remaining).
- 2% of the face value of the original investment amount was paid on 2 April 2014 thereby reducing the remaining estimated return to 2% (i.e. last estimate of 82% minus 20% capital paid minus 45% capital paid minus 5% capital paid minus 8% capital paid minus 2% = 2% remaining).
You must find out how the capital return was reinvested or disposed of prior to reducing the asset value of the existing Banksia Securities Limited debenture as at the date of each capital return.
The Liquidator has advised there will be more distributions to come, the exact dates and amounts are unknown at this stage.
Note 2: Not a Ministerial Exemption. These financial investments are no longer classed as financial assets as this company is in the process of irreversible wind up. See CLIK guidelines P10/C2/S4/Assessing Failed Loans and Debts.