IAG Special Dividend
On 12 April 2006, Insurance Australia Group Limited (IAG) announced that it would pay shareholders a fully-franked special dividend of $0.125 per ordinary share.
Key dates for this event are as follows:
Ex-date: 18 May 2006
Record date: 24 May 2006
Payment date: 26 June 2006
For holders of IAG shares under PEL Plus, the special dividend reduces the value of the Security that Westpac holds under your PEL Plus. In order to preserve the value of this Security, Westpac will reinvest the special dividend of $0.125 per share to buy additional IAG shares on or about 18 May 2006. The additional holdings will be purchased in the same name as your PEL Plus and held as security for the Loan.
For IAG Instalment holders, Westpac has elected to apply the $0.125 special dividend and the pro rata interest refund payable by Westpac to reduce the Completion Payment of its IAG Instalments.
|
ASX Instalment Code |
Completion Payment before adjustment |
Interest Refund |
Completion Payment after adjustment |
|
IAGIWG |
$3.25 |
$0.0052 |
$3.1198 |
|
IAGIWH |
$4.25 |
$0.0052 |
$4.1198 |
|
IAGIWL* |
$5.25 |
$0.0008 |
$5.1242 |
|
IAGSWA |
$1.9880 |
$0.0011 |
$1.8619 |
|
IAGSWB |
$2.4615 |
$0.0011 |
$2.3354 |
The Westpac Instalments will commence trading on an ex-basis from 18 May 2006.
AMP Capital Return
On 16 February 2006, AMP Limited (AMP) announced a $750 million capital return. This amounts to $0.40 per ordinary share.
Key dates for this event are as follows:
Ex-date: 19 May 2006
Record date: 25 May 2006
Payment date: 19 June 2006
For holders of AMP shares under PEL Plus, the special dividend reduces the value of the Security that Westpac holds under your PEL Plus. In order to preserve the value of this Security, Westpac will reinvest the special dividend of $0.40 per share to buy additional IAG shares on or about 18 May 2006. The additional holdings will be purchased in the same name as your PEL Plus and held as security for the Loan.
For AMP Instalment holders, Westpac has elected to apply the $0.40 special dividend and the pro rata interest refund payable by Westpac to reduce the Completion Payment of its AMP Instalments.
|
ASX Instalment Code |
Completion Payment before adjustment |
Interest Refund |
Completion Payment after adjustment |
|
AMPIWH |
$6.2500 |
$0.0165 |
$5.8335 |
|
AMPIWI |
$4.7500 |
$0.0165 |
$4.3335 |
|
AMPIWL* |
$6.0000 |
$0.0024 |
$5.5976 |
|
AMPSWA |
$1.8415 |
$0.0035 |
$1.4380 |
|
AMPSWB |
$3.6163 |
$0.0036 |
$3.2127 |
|
AMPSWZ |
$3.6037 |
$0.0035 |
$3.2002 |
The Westpac Instalments will commence trading on an ex-basis from Friday, 19 May 2006.
Patricks takeover by Toll
On 22 August 2005, TOL announced its proposal to acquire PRK and set out its offer in a bidder's statement dated 29 September 2005.
On 14 April 2006, TOL and PRK jointly announced that they had agreed the terms of the takeover of PRK by TOL.
On 11 May 2006, TOL announced that it had taken control of PRK having received 52.27% of PRK and that its offer was free of all defeating conditions previously included in the offer and extended to 25 May 2006.
TOL's final offer (subject to no higher offer for PRK being announced) for PRK shares included 0.4 TOL shares and $3.00 cash per PRK share.
Key Timetable (indicative only)
| Ninth Supplementary Bidder's Statement issued by TOL |
7pm Melbourne time, 21 April 2006 |
| Close of TOL's conditional offer (unless extended) |
25 May 2006 |
| Accelerated Completion Payment Date |
1 June 2006 |
For holders of PRK shares under PEL Plus - if you would like to take up TOL’s offer under the PEL Plus, you first need to repay your Loan with your own funds or via a margin loan. Break costs may be payable. Please note that any forms which you may submit directly to TOL in relation to the takeover will not be processed by the registry prior to repayment of your Loan.
In accordance with Clause 19.2(a) of the PEL Plus PDS dated 9 March 2004, any compulsory takeover or acquisition of PRK by TOL means that Westpac will automatically repay the Loan in relation to the parcel of PRK Securities by terminating the Loan and selling your PRK Securities. Break costs may also be payable.
For PRK Instalment holders, Westpac, with the consent of the ASX, has elected to fix an Accelerated Completion Payment Date of 1 June 2006. The table below shows the Completion Payment for each Instalment on the Accelerated Completion Payment Date.
|
ASX Instalment Code |
Current Completion Payment |
Interest Refund |
Put Option Refund |
Completion Payment as at the Accelerated Completion Payment Date |
|
PRKIWG |
$4.2500 |
$0.1640 |
$0.0320 |
$4.0540 |
|
PRKIWH |
$5.5000 |
$0.2125 |
$0.0510 |
$5.2365 |
|
PRKIWK* |
$3.2502 |
$0.0095 |
$0.0200 |
$3.2207 |
|
PRKIWL* |
$4.2502 |
$0.0133 |
$0.0200 |
$4.2169 |
|
PRKSWA |
$2.6310 |
$0.0168 |
$0.0800 |
$2.5342 |
Holders of these Instalments have been sent a pack outlining their options. Please note your options need to be received by Westpac by no later than 1 June 2006. If you choose to do nothing, Westpac may see your PRK shares and you will be paid an amount from the proceeds of sale in accordance with the Order of Payment.
*Please note these figures supercede those detailed in the Reset Packs sent to holders.
For further information please contact your Financial Planner or Westpac on 1800 990 107.
ATO Product Rulings for Westpac Instalments and Self-Funding Instalments
IWG Series Product Ruling PR2004/35 (PDF 130kb)
IWH Series Product Ruling PR2004/36 (PDF 130kb)
IWI Series Product Ruling PR2004/37 (PDF 130kb)
IWJ Series Product Ruling PR2004/38 (PDF 135kb)
IWK Series Product Ruling PR2004/107 (PDF 135kb)
IWL Series Product Ruling PR2004/108 (PDF 135kb)
Self-Funding Instalments SWA Series Product Ruling PR2004/74 (PDF 135kb)
Self-Funding Instalments SWB Series Product Ruling PR2006/5 (PDF 75kb)
Self-Funding Instalments SWZ Series Product Ruling PR2005/99 (PDF 135kb)
ATO Product Ruling for the Protected Equity Loan Plus (PEL Plus)
PEL Plus Product Ruling PR2004/15 (PDF 282kb)
Important information
Westpac Banking Corporation ABN 33 007 457 141, AFSL 233714 (“Westpac”) is the issuer of Westpac Protected Equity Loan Plus (“PEL Plus") and Self-Funding Instalments (“SFI”). A product disclosure statement (“PDS”) is available for the PEL Plus and SFI. A copy of the PEL Plus and SFI PDS and a copy of Westpac’s Financial Services Guide can be obtained by calling 1800 990 107 or visiting www.westpac.com.au/structuredinvestments. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of the PEL Plus and/or SFI.
This information is of a general nature and does not constitute any recommendation, tax or investment advice as to the suitability of PEL Plus or SFI.
This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness having regard to your objectives, financial situation or needs.
ATO Product Ruling The Product Ruling issued by the Australian Taxation Office is only a ruling on the application of the taxation law and is no way expressly or impliedly a guarantee or endorsement of the commercial viability of the PEL Plus or SFI, or the soundness or otherwise of the PEL Plus or SFI as an investment, or of the reasonableness or commerciality of any fees charged in connection with the PEL Plus or SFI. The Product Ruling is only binding on the Commissioner of Taxation if the PEL Plus or SFI are implemented in the specific manner provided in the Product Ruling. Investors should read the Product Disclosure Statement available for the PEL Plus or SFI in their entirety and seek professional advice to determine whether or not this product meets their investment needs. Copies of the Product Ruling can be obtained by calling Westpac Banking Corporation on 1800 990 107.
Information current as at 18 May 2006.
