A.N.Z. plans £14.5m premium issue

Press, Volume CXIV, Issue 33478, 8 March 1974, Page 15

A.N.Z. plans £14.5m premium issue

The Australia and New Zealand Banking Group, Ltd, proposes to raise about £14.5m by means of a one-for-seven premium issue of 4,590,000 £l.OO shares at a premium of £2.30 a share.

The issue of the new shares has been underwritten by Morgan Grenfell and Company, Ltd, with Australian United Corporation, Ltd, making the arrangements in Australia, the bank said.

The new shares will be provisionally allotted to shareholders on the London, Australian and Nev Zealand registers at the close of business on March 26, subject to the passing of the necessary resolution to increase the authorised share capital of the bank at a meeting to be held on March 25, and the admission of the new shares to the official list of the stock exchanges. The subscription price will be payable in full, either in sterling or the local currency equivalent, not later than April 22. The new shares will, when fully paid, rank equally with the existing shares of the bank, including participation in all dividends to be paid in respect of the current financial year. In the absence of unfore-

seen circumstances, the directors expect to recommend dividends 'otalling 9.5 p a share, equivalent to 13.571 percent gross including the associated United Kingdom tax credit, on the increased share capital in respect of the year to September 30. Total dividends of 7.35 p a share were paid last year.