ANZ announces SPP offer to raise K1.04bn

 AUSTRALIA and New Zealand Bank yesterday announced that applications for its share purchase plan offer (SPP Offer) to raise A$500 million (K1.04bn) in additional equity capital will open next Monday with eligible shareholders able to buy up to A$15,000 (K31,250) worth of ANZ ordinary shares.

The bank said the capital raising was part of a programme announced early this month to raise a total of A$3 billion (K6.25bn) in equity capital to meet recently announced capital requirements for major

Chief executive officer Mike Smith said: “We considered all the options available and determined that, on balance, a share purchase plan in conjunction with our institutional placement supports our loyal retail shareholders and completes the capital raising in a fair, timely and efficient way.”

The offer price per share under the SPP Offer would be the lesser of:

• AU$30.95, being the offer price under the institutional placement; and;
• The volume-weighted average price of ANZ Shares traded on ASX during the 5 trading days up to, and including, the day on which the SPP Offer was scheduled to close (Sept 8) less a 2 per cent discount, rounded down to nearest cent.