Westpac Bank (WBC) is seeking to raise money via a Share Purchase Plan to strengthen their balance sheet, support customer growth and provide an increased buffer above the regulator’s specified capital requirements. Find the investing style that's right for you.
Westpac is aiming to raise $500 million under the SPP.
In the latest profit report, Westpac slashed its dividend for the first time since the GFC, from 94 cents to 80 cents If you're interesting in applying for the SPP deal, you can do so directly through The share purchase plan might be a good opportunity for shareholders intending to build up their blue chips for the long haul, but there are undoubtedly headwinds – as flagged by the major banks themselves – that could weigh on profits and dividends over the next 12 to 24 months.I spoke to a couple of analysts for their views on Westpac following the capital raising announcement. You should consider whether the products or services featured on our site are appropriate for your needs. The final VWAP and the Issue Price per SPP Share determined in accordance with the SPP Terms and Conditions will also be available on the SPP Offer website following the Closing Date.Unless otherwise defined, capitalised words used in this announcement have the meaning given to them in the SPP Booklet.This announcement is not financial advice or a recommendation to either acquire SPP Shares or withdraw an Application to acquire SPP Shares that has been made under the SPP and has been prepared without taking into account the objectives, financial situation or needs of individuals. These funds will be raised at the lower of the placement price and the volume weighted average price of Westpac shares traded on the ASX during the five trading days up to, and including, the SPP closing date (Dec 2), less a 2% discount.
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However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. Our Westpac today announces the completion of its Share Purchase Plan (“SPP”) following the closing of the SPP on 2 December 2019.The SPP raised approximately $770 million and approximately 31.9 million new shares in Westpac (“SPP Shares”) will be issued to successful applicants on 11 December 2019.In accordance with the SPP Terms and Conditions, the Issue Price per SPP Share is $24.20, representing a 2.0% discount to the VWAPWestpac confirms that all valid SPP Applications were accepted in full.The SPP Offer was made to approximately 618,300 Eligible ShareholdersThe final amount raised of $770 million excludes approximately $68 million of withdrawal requests accepted from approximately 3,390 Eligible Withdrawal Applicants (as defined in Westpac’s ASX Announcement “Westpac Share Purchase Plan withdrawal option” dated 28 November 2019).The SPP Shares will be issued on 11 December 2019 with trading expected to commence on the ASX on 12 December 2019. Before making an investment decision, investors should consider the appropriateness of the information contained in Westpac's 2019 Annual Report and previous disclosures on ASX having regard to their own objectives, financial situation and needs and seek such legal, financial and/or taxation advice as they deem necessary or appropriate to their jurisdiction. We compare from a wide set of banks, insurers and product issuers. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. On each of the five trading days up to, and including, the Closing Date, the daily VWAP will be made available on the SPP Offer website on the following day. This can make it difficult for consumers to compare alternatives or identify the companies behind the products.
The offer price of $25.32 per new share is a 6.5% discount to the adjusted (to not include the dividend) last closing share price of $27.08. Neither was bullish on the major bank in the immediate future, though of course, it all depends on your strategy.Sydney portfolio manager Michael Gable of Fairmont Equities said he was surprised by the capital raise, but he'd predicted the poor profit results and sold off WBC for clients before its release. Read the disclosure documents for your selected product or service, including the
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