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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 basis3.

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?
Can I still apply?
Will I receive any proceeds under the Retail Shortfall Bookbuild if I did not participate in the Retail Entitlement offer?
Why was there a difference in the outcomes of the Institutional Shortfall Bookbuild and the Retail Shortfall Bookbuild?
What are the tax consequences of the Entitlement Offer?