4/8/2023 0 Comments Anz wine mapsAbout Us Contact Us Membership Recipes Newsletter Job Postings Donation Request Media/Trade SITEMAP Wine Road Ambassador. One final point on the format of the capital raising: the pro rata accelerated renounceable offer. CONTACT US 800.723.6336 707.433.4335 email us. When Suncorp’s shares resume trading, the value should proportionately reflect the cash bid, the small possibility that the deal may not be completed and the long-term prospects of the core insurance business. So, all things being equal, shareholders of Suncorp should expect a cash distribution of up to 30 per cent of its value as the banking business is transformed into a $4.1 billion pile of cash. Suncorp says its intention is to “return the majority of proceeds to shareholders”. This, it said represents an estimated value of $3.21 per share (based on the accounting value of the banking business and the number of Suncorp shares on issue).īased on the last closing price of $11.10, that represents about 30 per cent of the market value of the group. In fact, there’s a benefit for retail shareholders in that the locally sourced Suncorp bank earnings will increase the proportion of franking dividends paid by ANZ.Īs for Suncorp, the group will receive $4.9 billion of cash from ANZ, which it says will yield net proceeds of $4.1 billion. ![]() ![]() If ANZ shareholders don’t choose to take up their shares, they too can sell their entitlement to buy the shares on the ASX – with trading of the rights enabled from July 21 to August 8. The retail offer closes around one month from now on Monday 15 August. ![]() That sale begins on Monday to existing institutional investors of ANZ (such as super funds and fund managers) who can either take up the shares if they like the price or they can sell their entitlement to buy the shares at the $18.90 price later in the week.įor mum and dad investors, they too are entitled to buy 1 share for each 15 they hold, and can take up some or all the securities to which they are eligible. The new shares are being issued at a price of $18.90 which is a 12.7 per cent discount to Friday’s closing price of $21.64. Such a structure allows for both institutional and retail investors to subscribe to the new shares in proportion to their existing holdings, and if they choose not to they can transfer their right to take up the shares to another prospective buyer.
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