Westpac offers SPP withdrawal option

28 November 2019

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.

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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.

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