Tasmanian Perpetual Trustees (TPTL) and MyState Financial Credit Union of Tasmania have agreed to vary a proposed merger stating it as necessary to reflect the current market.
Directors of TPTL advise that as a direct result of the current international financial situation and the resulting impact on equity markets, it has been necessary to vary merger arrangements to more accurately reflect the current situation.
This means the valuation ratio under the revised proposal will be changed to reflect TPTL at 32.5 per cent and MyState Financial at 67.5 per cent.
Accordingly, it has also been agreed between the parties that the previously announced proposal for board membership will now be varied to reflect the appointment of five directors from each entity.
As initially announced, the chairman of TPTL, Dr Michael Vertigan AC, will chair the new merged entity.
All other material arrangements as announced in October 2008 remain and will be unanimously recommended by directors to TPTL shareholders and MyState Financial members at meetings to be conducted in 2009.
