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
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.