How investors exited Westpac share plan

At least a part of the cost impact of Westpac’s AUSTRAC drama has been laid bare – it cost the big banking group $68 million in withdrawals from its latest share purchase plan.

In the immediate aftermath of AUSTRAC announcing action against Westpac last month, the bank took the unusual step of allowing people who had opted to be part of the buy back to withdraw from the offer.

The company has confirmed that 3,390 people chose to withdraw representing a total of $68 million.

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Notwithstanding the move, Westpac announced that it had completed the share purchase plan and had raised approximately $770 million with the result that 31.9 million new whares in Westpac would be issued effective today.

The share purchase plan offer was made an issue price of $24.20 represent a 2% discount with Westpac confirming that all valid applications were accepted in full.

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Nice article, except you forgot to mention Westpac were intending to raise $500m yet they were over subscribed by $270 million.

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