WestpacTrust Investments share offer details
Tuesday, September 7th 1999, 12:00AM
New Zealanders who hold Westpac shares do not get the benefit of Australian franking credits. The shares are being issued on a partly-paid basis, with the first payment of $7.20 payable on application. The second instalment will be set by bookbuilding process and is payable by 20 December 2000.
Dividends will be the New Zealand dollar equivalent of dividends paid on Westpac Ordinary Shares.
There are protections in place so that under certain circumstances the shares are exchangeable for Westpac ordinary shares, initially on a 1:1 basis, adjusted for any capital reconstructions.
Based on historical dividends, it will offer a yield of 17.5% over the period 9 October 1999 to 20 December 2000, or an annualised yield of 14.2% over the period.
This is not a direct investment in either WestpacTrust in NZ or Westpac Banking Corporation, but is an instrument designed specifically for NZ investors to get tax efficient dividends from a share that is designed to reflect any capital gains in Westpac Ordinary Shares, and for Westpac to get a wider shareholder base that more closely reflects it's customer base.
Share Offer at a Glance
This 'Offer Highlights' sheet contains summary details only. Further details of the Offer of NZ Class Shares can be found in the Investment Statement, and in the Prospectus.
SUMMARY OF KEY DATES
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Opening of the Public Offer |
September 6, 1999, 9am |
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Closing of broker firm applications |
October 1, 1999, 5pm |
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Closing of Public Offer applications |
October 5,1999,5pm |
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Offer Price expected to be set |
October 9, 1999 |
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Expected allotment of NZ Class Shares under the Public Offer |
October 11, 1999 |
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Expected quotation and trading on the NZSE |
October 12,1999 |
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Expected first dividend paid |
January 2000 |
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Expected next two dividend payments |
July 2000, January 2001 |
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Record date and Final Payment date |
December 20, 2000 |
These dates are indicative only and investors are encouraged to submit their applications as early as possible. WestpacTrust Investments Limited reserves the right to vary any of these dates (other than the Final Payment date) including closing the Offer early.
SUMMARY OF THE OFFER
- Offer of up to $800 million of NZ Class Shares in New Zealand and in other selected jurisdictions.
- NZ Class Shares are issued on a partly paid basis, and it is expected they will provide an enhanced yield on the First Payment.
- First Payment of $7.20 per NZ Class Share to be paid on application.
- Final Payment amount will be fixed on or about 9 October 1999 and is due on 20 December 2000.
- Applications must be for a minimum of 250 NZ Class Shares and thereafter in multiples of 50 NZ Class Shares.
- Application has been made to the New Zealand Stock Exchange to list the NZ Class Shares.
SUMMARY OF KEY BENEFITS
A new opportunity for New Zealand investors:
- Westpac is the only bank using a New Zealand company for the purpose of listing on the NZSE.
- The NZ Class Shares will provide the only New Zealand domiciled exposure to the Australasian banking sector.
- WestpacTrust Investments Limited is expected to be among the largest 15 companies by market capitalisation listed on the NZSE after the Final Payment date on NZ Class Shares. Exposure to Westpac:
- Any dividend paid on NZ Class Shares will be the New Zealand dollar equivalent of the dividend paid on Westpac Ordinary Shares, adjusted by the Exchange Fraction.
- Voting, exchange, support and other features are designed to enhance the NZ Class Share investment.
- Partly paid structure:
- Investors are required to pay only $7.20 per NZ Class Share on application.
- The Final Payment will be due on 20 December 2000.
- The Final Payment amount will be announced on or about 9 October 1999, once the Offer Price is set.
SUMMARY OF KEY DETAILS
Entitlements attached to the NZ Class Share investment:
1. Dividends and Support Deed
Any dividends paid on NZ Class Shares will be the New Zealand dollar equivalent of the dividends paid on Westpac Ordinary Shares, adjusted by the Exchange Fraction with imputation credits attached where available.
Westpac has entered into a Support Deed to ensure WestpacTrust Investments Limited will continue to meet solvency tests after making any dividend payments on the NZ Class Shares.
2. Voting
Holders of NZ Class Shares can indicate their views by post on any resolutions put to a poll at shareholders' meetings of Westpac through special voting arrangements. These voting arrangements are set out in the Prospectus and the Voting Deed.
3. Exchange
NZ Class Shares can be exchanged into Westpac Ordinary Shares on the occurrence of certain events. Some of these events are at the discretion of holders of NZ Class Shares, some are at Westpac's option and some are compulsory. Examples of an Exchange Event include:
- A takeover of Westpac;
- Non-payment of a dividend equal to the New Zealand dollar equivalent of the dividend paid on a Westpac Ordinary Share;
- The liquidation of WestpacTrust Investments Limited.
Pricing:
The Offer Price will be determined on or about 9 October 1999.
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