Westpac 2015 Entitlement Offer

2015 Retail Entitlement Offer

The information on this website is only available to persons who are not US Persons (as defined in Regulation S under the United States Securities Act of 1933, as amended (“US Securities Act”)), who are not acting for the account or benefit of a US Person and who are not prohibited by the laws of any jurisdiction outside Australia from accessing the Retail Entitlement Offer Booklet or this website.

The Westpac Retail Entitlement Offer is now closed.

On 14 October 2015, Westpac announced a fully underwritten pro rata accelerated renounceable entitlement offer (“Entitlement Offer”) to raise approximately $3.5 billion of ordinary equity. Under the Entitlement Offer, Eligible Shareholders could purchase 1 New Share for every 23 Ordinary Shares held on the Record Date for $25.50 per New Share, which was a discount of 13.1% on the dividend adjusted Theoretical Ex-Rights Price (“TERP”) ^1,2.

Full details of the retail component of the Entitlement Offer (“Retail Entitlement Offer”) are set out in the Retail Entitlement Offer Booklet (“Booklet”). A copy of the Booklet, accompanied by a personalised Entitlement and Acceptance Form, was sent to all Eligible Retail Shareholders.

Impact of the Entitlement Offer on Westpac

The equity raised added approximately 100 basis points to Westpac’s Common equity tier 1 (“CET1”) capital ratio and placed Westpac’s CET1 capital ratio within the top quartile of banks globally, with a CET1 capital ratio of over 14% on an internationally comparable basis^3.

ASX Announcements

14/10/2015 ASX announcement $3.5 billion Share Entitlement Offer and Preliminary FY15 Result (PDF 388KB)

14/10/2015 Entitlement Offer and Unaudited Preliminary FY15 Result Presentation (PDF 905KB)

19/10/2015 Retail Entitlement Offer Booklet (PDF 1MB)

16/11/2015 Retail Entitlement Offer Completion (PDF 74KB)

17/11/2015 Retail Shortfall Bookbuild Completion (PDF 81KB)

Key dates for the Retail Entitlement Offer

Announcement of the Entitlement Offer	14 October 2015
Retail Entitlements commenced trading on ASX on a deferred settlement basis	19 October 2015
Ordinary Shares recommenced trading without the right to Retail Entitlements	19 October 2015
Record Date for eligibility for the Retail Entitlement Offer (7.00pm, Sydney time)	19 October 2015
Retail Entitlement Offer opened	23 October 2015
Retail Entitlement Offer Booklet despatch completed and Retail Entitlements allotted	26 October 2015
Retail Entitlements commenced trading on ASX on a normal settlement basis	27 October 2015
Retail Entitlements trading on ASX ended	4 November 2015
Retail Entitlement Offer closed (5.00pm, Sydney time)	11 November 2015
Retail Shortfall Bookbuild	16 November 2015
Settlement of the Retail Entitlement Offer	19 November 2015
Issue of New Shares under the Retail Entitlement Offer	20 November 2015
New Shares under the Retail Entitlement Offer commenced trading on ASX on a normal settlement basis	23 November 2015
Despatch of the holding statements for the New Shares under the Retail Entitlement Offer	24 November 2015
Retail Sale Proceeds (if any) despatched to shareholders	24 November 2015

For More Information

Further questions should be directed to your stockbroker, accountant or other professional adviser.

Read the Retail Entitlement Offer Booklet (PDF 1MB)
Call the Westpac Offer Information Line: 1300 365 790 (in Australia) or +61 1300 365 790 (outside Australia), from 8.30am to 5.30pm (Sydney time), Monday to Friday, or 0800 767 556 (within New Zealand), 8.30am to 5.30pm (New Zealand time), Monday to Friday.
Further questions should be directed to your stockbroker, accountant or other professional adviser.

Frequently Asked Questions

When did the Offer open and close?

The Retail Entitlement Offer opened on 23 October 2015 and closed at 5.00pm (Sydney time) on 11 November 2015.

Can I still apply?

Will I receive any proceeds under the Retail Shortfall Bookbuild if I did not participate in the Retail Entitlement offer?

If you chose to do nothing in respect of part or all of your Retail Entitlement or you were an Ineligible Retail Shareholder, part or all (as applicable) of your Retail Entitlement was offered for sale for your benefit through the Retail Shortfall Bookbuild on 16 November 2015.
The Retail Shortfall Bookbuild achieved a clearing price of $29.50 per New Share (being the Offer Price of $25.50 per New Share, plus $4.00 per Retail Entitlement). Accordingly, Eligible Retail Shareholders who elected not to take up their Retail Entitlements, and Ineligible Retail Shareholders, received $4.00 in cash for each Retail Entitlement sold ("Retail Sale Proceeds").

The Retail Sale Proceeds were paid on 24 November 2015.

The amount was paid by direct credit to Retail Shareholders with registered addresses in Australia and New Zealand. Shareholders in Australia and New Zealand who have not supplied banking account details for receipt of dividends and shareholders in other countries were sent a cheque in Australian dollars. The conversion rate for direct credit in New Zealand dollars was set at the prevailing market rate on 19 November 2015.

Why was there a difference in the outcomes of the Institutional Shortfall Bookbuild and the Retail Shortfall Bookbuild?

Entitlements not taken up by Eligible Institutional Shareholders and Entitlements of Ineligible Institutional Shareholders were sold in the Institutional Shortfall Bookbuild on 16 October 2015. The Institutional Shortfall Bookbuild achieved a clearing price of $30.00 per New Share (being the Offer Price of $25.50 per New Share, plus $4.50 per Institutional Entitlement). Accordingly, Eligible Institutional Shareholders who elected not to take up their Entitlements, and Ineligible Institutional Shareholders, received $4.50 in cash for each Entitlement sold for their benefit in the Institutional Shortfall Bookbuild, less any applicable withholding tax.

Entitlements not taken up by Eligible Retail Shareholders and Entitlements of Ineligible Retail Shareholders were sold in the Retail Shortfall Bookbuild on 16 November 2015. The Retail Shortfall Bookbuild achieved a clearing price of $29.50 per New Share (being the offer price of $25.50 per New Share, plus $4.00 per Entitlement). Accordingly, Eligible Retail Shareholders who elected not to take up their Entitlements, and Ineligible Retail Shareholders, received $4.00 in cash for each Entitlement sold for their benefit in the Retail Shortfall Bookbuild, less any applicable withholding tax.

The respective bookbuilds and resulting clearing prices were subject to market conditions applicable at the relevant times.

Eligible Retail Shareholders also had the option to sell Entitlements on ASX from 19 October 2015 to 4 November 2015. On average Retail Entitlements on ASX traded for $4.90.

What are the tax consequences of the Entitlement Offer?

A general summary of potential tax consequences of the Retail Entitlement Offer for Eligible Retail Shareholders is included in Section 5 of the Retail Entitlement Offer Booklet (PDF 1MB)which was sent to all Eligible Retail Shareholders and is available on this website.

The tax consequences of investing in New Shares will vary depending on the specific circumstances of individual investors.

It is strongly recommended that each Eligible Retail Shareholder seek their own independent professional tax advice applicable to their particular circumstances.

Unless otherwise defined, capitalised terms used on this website have the meanings given in the Retail Entitlement Offer Booklet (PDF 1MB)