Share. This was the start of a love affair with Australian equities and he hasn’t looked back since. We use cookies to secure and tailor your web use. Westpac said it aims to raise $2bn via a fully underwritten institutional share placement, and another $500m via a non-underwritten share purchase plan to …

The Motley Fool Australia operates under AFSL 400691. It is for information purposes only. Since the start of November the banking giant’s shares have fallen a whopping 14.5%.Investors have been selling the bank’s shares this month after AUSTRAC alleged that Westpac breached the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act on a massive 23 million occasions.Another concern is that Westpac’s shares are now trading lower than the price it recently Westpac launched the capital raising in order to provide an increased buffer above APRA’s unquestionably strong CET1 capital ratio benchmark of 10.5%.Now there is a real danger that these funds could be wiped out by AUSTRAC’s penalty, potentially meaning Westpac will have to raise even more funds in the near future.Westpac is also aiming to raise $500 million via a share purchase plan.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.However, in light of the AUSTRAC scandal and following discussions with ASIC, this morning Westpac announced that it will give investors the option to withdraw from the share purchase plan.Applicants can withdraw their application by 5pm on December 6 and receive a full refund.When investing expert Scott Phillips has a stock tip, it can pay to listen. Westpac requested a trading halt on Monday so it could launch a $2.5 billion capital raising. Darrian Traynor The deal will be done via an underwritten institutional placement and non-underwritten share purchase plan… 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. It is also expected to pro… Westpac and St.George merger. 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. After studying economics at university back home in the United Kingdom, James came to live in Australia and managed to land a job at an Australian fund manager. The VWAP period commenced on Tuesday, 26 November 2019 and ends on Monday, 2 December 2019 (inclusive).

10 December 2019. It is for information purposes only. Lending criteria apply to approval of credit products.

28 November 2019 Westpac Banking Corporation ('Westpac') (ASX: WBC) advises that following discussions with ASIC, Westpac will provide a withdrawal option for SPP applicants who applied for Shares under the Share Purchase Plan ('SPP') prior to the AUSTRAC announcement on 20 November 2019 ('Eligible Withdrawal Applicants'). Westpac Banking Corporation ('Westpac') (ASX: WBC) advises that following discussions with ASIC, Westpac will provide a withdrawal option for SPP applicants who applied for Shares under the Share Purchase Plan ('SPP') prior to the AUSTRAC announcement on 20 November 2019 ('Eligible Withdrawal Applicants'). James is part of the CFA Institute’s Chartered Financial Analyst program and hopes it teaches him how to become an astute investor which allows him to help others with their own investing. • the VWAP of Westpac shares traded on the ASX during the five trading days up to, and including, the SPP closing date (expected to be 2 December 2019), less a 2% discount, rounded to the nearest cent. Resetting your password.

*This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. This means that in the event that the VWAP (less a 2% discount) is lower than the Placement price of $25.32, Eligible Shareholders will be able to purchase SPP Shares at the lower price. Full details are available on request. 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. If you do not have a registered mobile phone number, or the number is no longer current, you will need to call us on 13 13 31.. For more information please see our The Motley Fool Australia, PO Box 4635, Ashmore, Qld 4214James Mickleboro has been a Motley Fool contributor since late 2015. Securities Act') or the securities laws of any state or other jurisdiction of the United States.

Consider its appropriateness to these factors before acting on it.


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