Home' South Gippsland Sentinel-Times : January 9th 2018 Contents THE SOUTH GIPPSLAND SENTINEL-TIMES, TUESDAY, JANUARY 9, 2018 - PAGE 23
CLASS ACTION - PROPOSED SETTLEMENT
BANKSIA SECURITIES LIMITED DEBENTURE HOLDERS
You are a Group Member in a group proceeding brought in the Supreme Court of Victoria (the “Banksia Group
Proceeding”) if, as at 25 October 2012, you were a holder of debentures issued by Banksia Securities Limited with
a claim for loss and damage made on your behalf in the Banksia Group Proceeding and if you have not opted-out
of the Banksia Group Proceeding.
If you are a Group Member in the Banksia Group Proceeding, this Advertisement contains important information
about your legal rights. You should read it carefully. If you do not understand any part of it, you should seek legal advice
in relation to its contents.
On 26 August 2016, the Supreme Court of Victoria approved the settlement of all claims made by the Plaintiff in the Banksia
Group Proceeding aside from the claims made against Banksia and the trustee appointed to act on behalf of debenture
holders (The Trust Company (Nominees) Limited, referred to as the “trustee”). The Plaintiff continues to bring the Banksia
Group Proceeding on his own behalf and on behalf of other debenture holders who fall within the definition of a group
member in the statement of claim (Group Members).
The Plaintiff has now entered into a settlement of the
remaining claims made against the trustee in the Banksia
Group Proceeding. The Plaintiff’s claim against the trustee
was to recover a sum in excess of $200 million (inclusive of
interest from 24 December 2012). The settlement will only
take effect if it is approved by the Court.
As well as settling the Plaintiff’s claim in the Banksia Group
Proceeding, Banksia’s own claims against the trustee brought
in a separate proceeding (“Liquidators’ proceeding”) will also
be settled as part of the settlement. Banksia’s claim against
the trustee is for approximately $170 million. The loss claimed
by Banksia overlaps with the Plaintiff's claim in the Banksia
Group Proceeding. The law prevents debenture holders
recovering more than the total amount of their loss.
To settle the claims made in both the Banksia Group
Proceeding and the Liquidators’ proceeding, the trustee will:
• pay $64 million;
• release Banksia from an existing claim for $3.96m for
additional remuneration in respect of additional work
performed by the trustee in a period of 16 months from
25 October 2012 to February 2014; and
• release Banksia from any further claims for remuneration
(as yet unquantified).
If approved, the settlement sum would be distributed as
• $4.75m (plus GST) for the payment of the Plaintiff’s legal
costs and disbursements;
• $12.8m (plus GST) for the payment of a funder’s
commission to the Plaintiff’s litigation funder;
• $75,000 to Mr Bolitho;
• $44.62m (less any costs of distribution approved by the
Supreme Court) to be paid to Banksia’s debenture holders
on a pari passu (or equal) basis (on the basis of the face
value of their outstanding debentures) being the balance of
the settlement sum plus a sum held for distribution by the
Plaintiff from the partial settlement approved in 2016. The
sum of $44.62m is equivalent to approximately 6.69 cents
for each $1 of debentures held by debenture holders (i.e. for
each $100 of debentures that you hold you will receive a
distribution of approximately $6.69; for each $1000 of
debentures that you hold you will receive a distribution of
An incidental benefit of the settlement is the potential for an
additional distribution to debenture holders of part of the
funds held by the Liquidators and Receivers of Banksia. The
Liquidators and Receivers currently hold approximately $14m,
however the Liquidators are pursuing claims concerning
Banksia’s insurance arrangements. If successful, those
claims will increase the funds held by the Liquidators and
Receivers for distribution, less associated costs to finalise the
Receivership and Liquidation. Any such distribution is not part
of this settlement and the Liquidators will update debenture
holders about the resolution of the remaining claims
The settlement will not take effect unless and until the
settlement is approved by the Court. In determining whether
to grant approval the Court will assess whether the settlement
is fair and reasonable in the interests of all Group Members.
If you are a Group Member and you wish to oppose the
proposed settlement, you may need to attend and make
submissions to the Court in Melbourne on 30 January 2018.
On that day the Court will hear the application for approval of
the proposed settlement. If you intend to oppose the
proposed settlement, you must first deliver to Portfolio Law
Pty Ltd and the Supreme Court of Victoria, at the addresses
below, by no later than 4.00 pm (AEST) on 19 January 2018:
(a) written notice of your objection;
(b) any reasons for objecting; and
(c) any affidavit or other evidence on which you intend to rely.
If you support the settlement, you do not need to take any action.
The Notice to Group Members available from www.banksiaclassaction.com.au provides details of the steps that you may take
should you wish to object to the proposed settlement.
Further information and copies of pleadings are available at the Banksia Class Action website www.banksiaclassaction.com.au
If you require further information about the proposed settlement, you may contact Portfolio Law Pty Ltd who are the solicitors for
the Plaintiff. Their address is Level 3, 362 Little Collins Street, Melbourne, Victoria 3000. Their telephone number is (03) 9600 2888.
This advertisement is placed in accordance with an order of the Honourable Justice Croft made on 8 December 2017 and under
the rules of the Supreme Court of Victoria which govern the conduct of group proceedings (also known as “class actions”).
Portfolio Law Pty Ltd
Re Bolitho v Banksia Securities Ltd
S CI 2012 07185
Portfolio Law Pty Ltd
Level 3, 362 Little Collins Street
Melbourne VIC 3000
Supreme Court of Victoria
Re Bolitho v Banksia Securities Ltd
(in liq) (rec & mgrs. appt) & Ors
S CI 2012 07185
Supreme Court of Victoria
c/o Commercial Court Registry,
450 Little Bourke Street, Melbourne VIC 3000
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overall wellbeing. Why is that so? Because the
post-natal qi (energy force) is formed from air,
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Lets look at allergies first: According to Chi-
nese medicine, we can consider allergies being
caused through a deficiency of the defensive
energy, a thin layer that surrounds the body and
protects it. Through the failing of the protective
energy, foreign particles upset the system and
develop various symptoms. In Western terms, it’s
called immunity. Interestingly the spleen organ is
part of the immune system in the western medical
context as well.
In Chinese medicine, the spleen is the principal
organ system of digestion. In this role it assists
the body in energy production by transforming
food and water. With the help of air (oxygen) that
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THERE’S a busy year ahead
for Korumburra Rotary, con-
tinuing on this Sunday, Janu-
ary 14 when the club will be
catering at the annual Korum-
burra Swap Meeting at the
Other coming events include:
• February 16-17 and 18
District 9820 Conference at
• March 3- 4 Tour de Back-
yard [To be confirmed]
• March 17/18 Relay for
Life at the Korumburra Show-
grounds. People interested in
participating call 1300656585
• March 17/18 Korumburra
Working Horse & Tractor Rally
What’s coming in 2018
for Korumburra Rotary
A STUNNING fashion collection spanning
120 years is on display in Wonthaggi.
There are around 40 vintage dresses spread
throughout the Wonthaggi Town Hall from Aus-
tralian, French, Italian and English designers.
Wonthaggi resident Marny Javornik helped
bring to life her mother’s collection, with pieces
ranging from the 1800s to the mid-1900s.
There were a lot of trips back and forth to the
city to bring her mother Ann Dixon’s collection
to Wonthaggi, which usually sits in a purpose-
built second storey in her Melbourne home.
Ann also came down to Wonthaggi to help set
up the exhibition.
“I think she pretty much told us what to do,”
Marny said, laughing.
“It’s a perfect place to show the collection.
I’m really excited about it and mum’s been very
As for her favourite piece, Marny points out a
stunning black dress her mother used to wear.
“But people are drawn to certain things. We
also have shoes from Chanel and Versace.”
There’s a display from the Wonthaggi Histori-
cal Society as well, which offers remarkable and
sometimes humorous fashion comparisons.
There are some dresses which are too fragile
to be on mannequins and are instead displayed
lying down on tables.
“We have a Liberty of London cloak which
was hand-beaded around 1915 or 1920,” Mar-
“I think it’s silk on the inside and when silk
gets old, it shatters so it’s just too fragile to be
on a model.”
And there’s more to come, as the small col-
lection shown at the hall makes up just three
per cent of the Bygone Days Fashion Collection.
In its entirety, the 1560 piece collection’s esti-
mated to be worth around $174,000.
Marny Javornik and local art enthusiast Ju-
lia Tasker offered the collection to the Bass
Coast Shire Council last year.
While council didn’t commit to accepting the
offer, the two are hoping the exhibition will help
show that Wonthaggi needs a regional gallery –
which could also house the Robert Smith Art
“This is just a taste of what Wonthaggi could
have,” Julia said.
“When you’re a regional town, you’ve got to
stick your head out a little bit.
“There’s no point just thinking about the next
five years, you need to think about the next 30
or 40 years.
“You want things that are likely to bring peo-
ple into the town.”
Marny said the exhibition could not have gone
ahead without the generous support of volun-
teers who are willing to supervise it during the
The Bygone Days Fashion Collection is on
display from 10am to 4pm every day until Jan-
Bass Coast’s Julia Tasker and Marny Javornik officially launched the Bygone Days Fashion
Collection at the Wonthaggi Town Hall on Tuesday. mm010218
Vintage fashion on
display in Wonthaggi
TARWIN Lower Red Cross
Unit finished the year of
2017 with a traditional
Christmas lunch with all the
The Christmas hamper
was drawn with Mick Giroud
and a little girl, Marcie, who
one a hamper each.
The proceeds of $856 was
forwarded to Headquarters
to go towards Single Incident
relief fund in Australia.
Glenda Arbuthnot gave
a report from the regional
meeting held at Meeniyan
followed by a lovely lunch
provided by the Meeniyan
Unit ladies. Glenda Arbuth-
not was elected as the new
chairman with Ron Hateley
secretary from Phillip Is-
It was a pleasure for Glen-
da to award Val Latham her
20 year service badge for her
valued services that she has
done for Red Cross.
All members and the pub -
lic are invited to attend Aus-
tralia Day celebrations at the
Venus Bay Life Savers Club
on the 26th January.
A Postie Fashion Day is be-
ing organised in February for
a fund raiser for the Unit.
Our next meeting will be
held on Tuesday, February 6
at the Tarwin Lower Health
Centre at 1.30pm, all wel-
Into a new year for
Meeniyan Red Cross
Meeniyan Red Cross chair Glenda Arbuthnot presents
Val Latham with her 20 year service badge.
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