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ANZ CPS Offer raises $1.081 billion Offer successfully closed

Australia and New Zealand Banking Group Limited (ANZ) announced today that it has successfully completed its Offer of Convertible Preference Shares (CPS). Approximately 10.81 million CPS have been issued at $100 each raising approximately $1.081 billion in new Tier 1 Capital. 

ANZ Group Treasurer Rick Moscati said: “We are very pleased with the strong investor demand that the Offer received.” 


CPS allocation policy


The CPS allocation policy is described below: 

  • Successful ANZ Securityholder Offer Applicants and General Offer Applicants have received the full number of CPS applied for.
  • A scale back was applied to Applicants under the Broker Firm Offer during the Bookbuild.
  • Successful Institutional Investors under the Institutional Offer have been advised of their allocation of CPS by the Joint Lead Managers.


Applications that were accompanied by cheques that were subsequently dishonoured and Applications made online for which BPAY® payments were not received, have not been allocated any CPS.


Deferred settlement trading 


CPS are expected to commence trading at 10.00am tomorrow on the Australian Securities Exchange (ASX) on a deferred settlement basis under the ASX code of “ANZPB”. 


All Applicants are responsible for confirming the number of CPS allocated to them prior to selling any CPS. Applicants who sell CPS before receiving their Holding Statement or CHESS confirmation do so at their own risk. 


Trading on a normal T+3 settlement basis is expected to commence on Monday 6 October 2008. 


Holding statements and refund cheques 


Holding statements stating the number of CPS issued to each successful Applicant are expected to be despatched by Friday 3 October 2008. Any refunds are also expected to be despatched by this date. 


Dividend Rate 


The Dividend Rate for the first Dividend Period ending on 14 December 2008 is 6.8752% per annum. This has been determined in accordance with the CPS terms as the 90 day Bank Bill Rate on 30 


September 2008 of 7.3217% (being the Issue Date) plus the Margin of 2.50% per annum, together multiplied by (1 – the Tax Rate, which is 30%).


Following the first Dividend Period, the Dividend Rate for CPS will be set quarterly. 


Mandatory Conversion Conditions


The Issue Date VWAP has been calculated as $17.35. Accordingly, the Maximum Conversion Number has been set at 11.5274 ANZ ordinary shares per CPS. 


For details about the calculation of these numbers and how they affect CPS, see the CPS Prospectus which is available online at www.anz.com


Holders of CPS


Following allocation of CPS pursuant to the Offer, the twenty largest holders of CPS and the number and percentage of CPS held by those holders are detailed in Attachment A to this Media Release. 


The distribution schedule of CPS is set out in Attachment B to this Media Release. 


No participation by ANZ directors and associates 


No ANZ director nor their associates acquired any CPS pursuant to the Offer. 


Newspaper advertisements


Tomorrow ANZ will advertise the close of the Offer, the price of each CPS and the basis of allocation of CPS in The Australian Financial Review, The Australian, The Sydney Morning Herald and The Age. A copy of this advertisement is also attached to this Media Release. 


To obtain information about your allocation of CPS or the Offer itself 


ANZ Securityholder Offer Applicants and General Offer Applicants can obtain information about their allocation of CPS or the Offer by calling the ANZ Information Line on 1800 113 399 (Australia), 0800 174 007 (New Zealand) or +61 3 9415 4010 (international) between 8:30am and 5:30pm (Melbourne time) Monday to Friday. 


Applicants under the Broker Firm Offer should confirm their allocation of CPS with their Syndicate Broker. Applicants under the Institutional Offer have been advised of their allocation by the Joint Lead Managers. 


Unless otherwise defined, capitalised terms in this Media Release have the same meaning given to them in the CPS Prospectus dated 4 September 2008. 

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