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