Westpac offers SPP withdrawal option
Westpac has announced it will provide a share purchase plan (SPP) withdrawal option for SPP applicants who applied for the plan prior to the AUSTRAC announcement made earlier this week.
In the announcement made to the Australian Securities Exchange (ASX), Westpac said eligible applicants may request to withdraw their application by 5 pm on Friday 6 December.
Refunds to eligible withdrawal applicants must be for the full application payments and would be made as soon as practicable after the issue date.
The bank reminded that, as set out in the SPP booklet, the issue price per SPP share would be the lesser of:
- The placement price of $25.32 paid by institutional investors; and
- The volume weighted average price (VWAP) of Westpac share traded on the ASX during the five trading days up to, and including, the SPP closing date (2 December), less a 2% discount, rounded to the nearest cent.
The bank said that it meant that in the event that the VWAP was lower than the placement price of $25.32, eligible shareholders would be able to purchase SPP Shares at the lower price.
Recommended for you
A global investment management firm executive has called for standardised promotion policies to close the “gendered promotion gap”.
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
Former financial adviser and Coalition backbencher Bert van Manen has introduced a bill in Parliament, building on Michelle Levy’s good advice duty and calling for SOAs to be scrapped.
Following its recent partnership with Otivo, Colonial First State has now announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.