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Westpac's partial sale of shares in BT Investment Management Limited (BTIM)

On 16 June 2015, Westpac announced its intention to undertake a partial sale of up to 82 million ordinary shares in BTIM, which was expected to reduce Westpac's ownership from just below 60% to around 31% to 40%. The partial sale was conducted by way of an Institutional Offer and a Retail Offer.
 

Registered shareholders of either Westpac or BTIM fully paid ordinary shares as at the Record Date (being 7.00pm (Sydney time) on 11 June 2015) with a registered address in Australia or New Zealand were eligible to participate in the Retail Offer.
 

No persons resident in the US or acting for the account or benefit of a US person were eligible to participate.
 

From 5pm (Sydney time) Friday, 10 July 2015, the Retail Offer closed and Applications can no longer be accepted. The shares are expected to be transferred to successful Applicants on 16 July 2015. Holding Statements are expected to be despatched to successful applicants by 20 July 2015.

 

Key dates regarding the offer

Event Date 
Retail Offer Record Date - 7.00pm (Sydney time) Thursday, 11 June 2015
Institutional Offer opened Tuesday, 16 June 2015
Institutional Offer closed Wednesday, 17 June 2015
BTIM shares recommence trading Thursday, 18 June 2015
Retail Offer Prospectus lodged with ASIC and ASX Monday, 22 June 2015
Retail Offer opened Monday, 22 June 2015
Retail Offer Prospectus and application forms despatched to eligible shareholders (on request) Week commencing Monday, 22 June 2015
Retail Offer closed - 5.00pm (Sydney time) Friday, 10 July 2015
Shares transferred to successful applicants Thursday, 16 July 2015
Expected dispatch of holding statements Monday, 20 July 2015