Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Preference Share Issue By ASB Capital Limited


Media Release
29 October 2002


Preference Share Issue By ASB Capital Limited

Statement made by Peter Hall, Head of Institutional Banking,
ASB Bank Limited


ASB Capital Limited, a member of the Commonwealth Bank Group confirmed today that it intends to make an offer to the public of Perpetual Preference Shares (“PPS”).

The principal terms of the PPS will be:

- They will carry a dividend payable quarterly in arrears.

- The dividend will be reset on 15 November each year.

- The dividend rate until 15 November 2003 will be the greater of:
7.40% per annum payable quarterly;
the one year interest rate swap rate plus a margin of 1.30% adjusted to a quarterly equivalent rate.

- The dividend rate after 15 November 2003 will be the one year interest rate swap rate (fixed on 15 November each year) plus a margin of 1.30% adjusted to a quarterly equivalent rate.

- Dividends will consist of a combination of cash payments and imputation credits, and imputation credits will be counted as part of the dividend.

- PPS will be perpetual and not redeemable.

- PPS will be freely tradeable.

ASB Capital will issue up to a total of 150 million PPS of $1.00 each, with a right to accept over subscriptions of 50 million.

It is presently intended that the offer will open on or about the 11th November 2002 and close on or about the 9th December 2002.

Any funds raised will be used to support ASB Bank’s ongoing growth in personal, business and rural banking.

-ENDS-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: