Back to: Shareholder Services

 

Find out more about Westpac's Dividend Reinvestment Plan:

• Operation of the Dividend Reinvestment Plan for the 2008 final dividend
• Dividend Reinvestment Plan - highlights
• Questions and answers

Important information about the operation of the Dividend Reinvestment Plan for the 2008 final dividend
Westpac has determined that in relation to the 2008 final dividend the DRP will operate as follows:

• The Market Price at which shares are issued under the DRP will include a discount of 2.5%; and
• The pricing period for setting the Market Price will be extended to 15 trading days (previously 10 trading days).

The calculation of the Market Price, including the above determinations, will only apply to the 2008 final dividend, which is scheduled to be paid on 17 December 2008.

View the shareholder letters regarding important information about the operation of the DRP for the 2008 final dividend (PDF 62kb)

Key DRP dates for the 2008 final dividend

Record date	11 November 2008
Pricing period commencement date*	13 November 2008
Pricing period completion date*	3 December 2008
Expected allotment date of DRP shares	17 December 2008

*The Market Price will be set over the 15 trading days commencing on 13 November 2008.

Dividend Reinvestment Plan - highlights

Dividend Reinvestment Plan (the 'DRP')
Under the DRP, you may elect to have dividends on some or all of your ordinary shares in Westpac Banking Corporation ('Westpac') automatically reinvested in additional Westpac ordinary shares.

Full details of the DRP's operation are contained in the Updated Westpac DRP Terms and Conditions booklet (115kb).

Meet individual needs
The DRP allows you to tailor to your needs and circumstances the way in which you receive the benefits of your investment in Westpac, in addition to the option of a cash dividend either by cheque or direct credit.

Increase your holding
The DRP is a convenient way of increasing your holding of Westpac shares.

No additional costs
Shares issued or transferred to you under the DRP are free of brokerage, commission and stamp duty costs.

Shares rank equally
Shares issued or transferred under the DRP rank equally with existing shares from the date of issue or transfer.

Participation is entirely optional
You may join, vary your participation, or withdraw from the DRP at any time, subject to adequate notice being given.

Treatment of residual amounts
Where the DRP entitlement formula results in a fraction of a share, the value of that fraction will be carried forward in your DRP Account and added to your next dividend for the purposes of calculating your share entitlement.

Dividend statement
A dividend statement, providing details of your participation in the DRP, any residual amount carried forward in your DRP Account, and details of any movements in your shareholding balance, will be forwarded at the time of the dividend payment.

Back to top 

Questions and answers

Q: Who can participate?
A: All shareholders of fully paid Westpac ordinary shares who are resident in, or whose address on the register of shareholders is in, Australia or New Zealand may participate in the DRP, to the limit of their shareholding.

Q: Is participation optional?
A: Yes. The decision is entirely yours.

Q: Can I participate partially in the DRP?
A: Yes, by nominating a specific number of your shares, part of your dividend may be reinvested in additional shares.

Your dividend entitlement on any shares not participating in the DRP will be paid by cheque or direct credit.

Q: Is there a limit to the number of shares that can participate in the DRP?
A: There is no limit. You may elect to participate in the DRP in respect of all fully paid ordinary Westpac shares registered in your name.

Q: How do I participate in the DRP?
A: Complete a DRP application form, which you will find within
Westpac's DRP Terms and Conditions (115kb).

For more information you should contact your local share registry. Contact details can be found on page 7 of the DRP Terms and Conditions booklet.

This application is to be returned directly to your local share registry at the addresses shown on page 7 of the DRP Terms and Conditions booklet. Please do not return the application form to branches of Westpac Banking Corporation or Westpac New Zealand

Back to top 

Q: When will my participation begin?
A: Participation will begin with the first dividend payment after receipt of your application form. The form must be received by 5:00pm Australian Eastern Time on the record date to be effective for that dividend.

Q: What happens if I have more than one shareholding?
A: You will need to lodge a separate application form for each shareholding registered under different names or each shareholding bearing a different Shareholder Reference Number, Holder Identification Number or if your shareholding is registered on the New Zealand branch register, a Common Shareholder Number (CSN).

Q: Can I change my participation at any time?
A: Yes. Simply notify your local share registry, using the application/variation form, which you will find within
Westpac's DRP Terms and Conditions (115kb).

The application will be effective from the next dividend payment, but to be effective for that dividend the application form must be received by 5:00pm Australian Eastern Time on the record date for the relevant dividend.

Q: At what price will the shares be allotted?
A: Shares will be allotted or transferred at the Market Price (as defined in the Terms and Conditions). The Market Price may be reduced by any discount (up to 2.5%), which the Directors may determine from time to time and announce to the ASX. You should note that the Market Price is set after the Record Date, which is the deadline for you to lodge, withdraw or amend your application. This means you will not know the Market Price when you commit to participate in the DRP but you will know the discount, if any, to be applied.

Back to top 

Q: What will it cost me to participate?
A: It will cost you nothing. There are no brokerage fees, commission or stamp duty for any of shares allotted or transferred under the DRP.

Q: Can I sell my shares when I choose?
A: You can sell any or all of your shares at any time. However, should you sell all of your shares and not give Westpac notice of termination of your participation in the DRP, your participation will be deemed to have ceased on the date on which the last transfer is registered by Westpac.

If you elect for 'full participation' and then sell some of your shares, the dividends on your remaining shares will continue to be reinvested under the DRP. If you elect for 'partial participation' and then sell some of your shares, the number of shares sold will be deemed to the full extent possible to be non-participating shares and the balance, if any, will be deemed to be participating shares under the DRP.

Q: What about taxation?
A: The Australian Taxation Office currently treats dividends reinvested under the DRP in the same way as dividends received on shares which are not participating. The New Zealand Inland Revenue Department (IRD) currently treats dividends reinvested under the DRP in the same way as dividends received on shares. Westpac takes no responsibility for the taxation consequences of shareholders participating in the DRP, and recommends you obtain professional taxation advice.

If eligible to participate, shareholders resident overseas are advised to make enquiries about their tax liabilities in their country of residence.

Back to top 

Q: When will I receive a statement?
A: After each issue or transfer of shares under the DRP, a dividend statement will be forwarded to you showing relevant information, including:

• number of shares participating in the DRP held at the record date for the dividend;
• the amount of the latest dividend;
• the number of shares allotted or transferred under the DRP in relation to that dividend and the price at which those shares were allotted or transferred;
• the cash balance carried forward of any residual amount remaining for a fraction of a share after determining the number of whole shares to be allotted or transferred under the DRP in relation to that dividend; and
• the new total holding of shares participating in the DRP, including shares issued or transferred to you under the DRP.

Q: Can I get my dividend statement electronically?
A: Yes, you can elect to be notified by email of the availability of your dividend statement.

Q: Can the DRP be modified, suspended or cancelled?
A: Westpac's Directors may alter, suspend or terminate the DRP at any time by notification to the ASX or, at the Directors' discretion, in accordance with the provisions regarding the giving of notice to shareholders contained in the Constitution. Westpac also intends to update the Westpac website for any changes to the DRP.

Q: What happens to the carry forward balance in my DRP Account if I end my participation in the DRP or sell my shares or Westpac terminates the Plan?
A: In the event of termination of participation in the DRP, any residual positive balance in your DRP Account at that time will be paid out to you by cheque or direct credit.

Enquiries
If you have further enquiries (other than taxation) about how the DRP operates and how you can participate, please contact your local share registry. Contact details can be found on page 7 of the DRP Terms and Conditions booklet.

This webpage contains important information. Should you have any doubt with it, please consult a suitably qualified adviser. A copy of the Terms and Conditions and an application form are available by request from your local share registry.

Back to top