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

 

Tornado Aftermath: More Storms Forecast For New Plymouth

Up to 30 homes were damaged Monday night when a tornado roared through a New Plymouth suburb last night , cutting power lines, tearing off roofs, and toppling trees. More>>

ALSO:

Government Investment Rejig: Sustainable Food & Fibre Futures Launched

Growing New Zealand’s food and fibre sectors sustainably and supporting a thriving economy are the hallmarks of a new investment programme announced today by Agriculture Minister Damien O’Connor. More>>

Dump Levy Options: Waste Work Programme Announced

Associate Environment Minister Eugenie Sage has announced a programme of work to take action on New Zealand’s long-neglected waste problems. More>>

ALSO:

Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>

ALSO:

Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO: