Back to: 2007 Archive media releases

10 December 2007

BT Investment Management Limited lists on ASX

BT Investment Management Limited (BTIM) shares have today started trading on the Australian Stock Exchange(1) under the ASX code "BTT", following an oversubscribed share issue.

BTIM Chairman, Brian Scullin, said today's listing is a significant milestone in the evolution of BT Financial Group's investment management business, one of Australia's most successful funds management companies with approximately $42 billion under management.

"The board welcomes new shareholders who have invested in a quality operation with an experienced and focused investment team led by CEO, Dirk Morris," Mr Scullin said.

The BTIM IPO was open to shareholders in Westpac Banking Corporation, which continues to own 60 per cent of the company, overseas and local institutions as well as BTIM employees.

"With BTIM employees having a direct stake in the continued success of the company, the board is confident there is a now a significant and rewarding alignment of interests between the investment professionals, their clients and shareholders," Mr Scullin said.

BTIM CEO, Dirk Morris, said the company now has a business structure which best places it to retain and attract top quality fund managers and analysts.

"We have a highly qualified team with average industry experience of 18 years who will continue to focus on delivering clients superior investment performance, while leveraging off the high profile BT brand," Mr Morris said.

BTIM shares, which commenced trading today on a conditional and deferred settlement basis, are expected to start normal settlement trading on Tuesday, 18 December 2007.

Applicants under the Westpac Shareholder Offer can find out their indicative allocation from 7.00am (Sydney time) today, Monday, 10 December 2007, by contacting the BTIM Offer Information Line on 1300 792 077 (Australia) or 0800 767 556 (New Zealand), or by logging on to the BTIM Offer Website at www.BTIMOffer.com.

Applicants under the Westpac Shareholder Offer will receive a refund where their application was rejected or scaled back. The residual application monies from applications which were accepted in full but cannot be applied to an exact number of shares will be donated to a charity determined by BTIM. Refund cheques for rejected or scaled back applications are expected to be dispatched on or about Monday, 17 December 2007.

Ends

Investments in BTIM are not deposits with or liabilities of Westpac or any member of the Westpac Group. They are subject to investment risk, including possible delays in repayment and loss of income or capital invested. None of BTIM, Westpac or any member of the Westpac Group guarantees any particular rate of return on BTIM Shares, nor do they guarantee the repayment of capital from BTIM.

This notice does not constitute an offer of securities in any jurisdiction in which, or to any person to whom, it would not be lawful to make such an offer or invitation. In particular, this notice does not constitute an offer of securities in the United States. BTIM Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the"Securities Act") and may not be offered, sold or resold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.

The information provided in this notice is general in nature and does not take into account your investment objectives, financial situation or particular needs. Investors should obtain their own independent advice from an accountant, financial planner or other professional adviser having regard to their own investment objectives, financial situation and needs. The Offer was made under a prospectus dated 30 October 2007, a copy of which is available to eligible persons at www.BTIMOffer.com. Applicants were required to complete and submit an application form attached to, or accompanying, the prospectus prior to the close of the Offer.

For further information:

BTIM Offer Information Line: 1300 792 077 (Australia) or 0800 767 556 (New Zealand)
BTIM Website: www.BTIM.com.au
BTIM Offer Website: www.BTIMOffer.com

(1) On a conditional and deferred settlement basis.