Notification of dividend / distribution
Announcement Summary
Entity name
WESTPAC BANKING CORPORATION
Security on which the Distribution will be paid
WBCPG - CAP NOTE 3-BBSW+4.90% PERP NON-CUM RED T-12-21
Announcement Type
New announcement
Date of this announcement
Friday January 4, 2019
Distribution Amount
AUD 1.20650000
Ex Date
Thursday March 21, 2019
Record Date
Friday March 22, 2019
Payment Date
Monday April 1, 2019
Additional Information
The Distribution Rate was determined using the following formula: (Bank Bill Rate + Margin) x (1 - Tax Rate)
as follows:
Bank Bill Rate is the 90 day Bank Bill Rate on 31 December 2018: 2.0900% pa + Margin: 4.9000% pa = 6.9900% pa x (1 - Tax Rate): 0.70 = Distribution Rate: 4.8930% pa
The cash amount of the Distribution on each Westpac Capital Note 4 (WCN 4) was calculated as follows: Distribution Rate: 4.8930% pa
x Face Value: AUD 100 x days in Distribution Period: 90 / 365 = cash amount of Distribution: AUD 1.2065, fully franked
As 30 March 2019 is not a Business Day, the Distribution payment will be made on the next Business Day, 1 April 2019.
Refer to below for full details of the announcement
Announcement Details
Part 1 - Entity and announcement details
1.1 Name of +Entity
WESTPAC BANKING CORPORATION
Registration Number
1.2 Registered Number Type
ABN
1.3 ASX issuer code
WBC
1.4 The announcement is
New announcement
1.5 Date of this announcement
Friday January 4, 2019
1.6 ASX +Security Code
WBCPG
ASX +Security Description
CAP NOTE 3-BBSW+4.90% PERP NON-CUM RED T-12-21
Part 2A - All dividends/distributions basic details
2A.1 Type of dividend/distribution
Ordinary
2A.2 The Dividend/distribution:relates to a period of one quarter
2A.3 The dividend/distribution relates to the financial reporting or payment period ending ended/ending (date)
Saturday March 30, 2019
2A.4 +Record Date
Friday March 22, 2019
2A.5 Ex Date
Thursday March 21, 2019
2A.6 Payment Date
Monday April 1, 2019
2A.7 Are any of the below approvals required for the dividend/distribution before business day 0 of the timetable?
Security holder approvalCourt approval
Lodgement of court order with +ASICACCC approval
FIRB approval
Another approval/condition external to the entity required before business day 0 of the timetable for the dividend/distribution.
No
2A.8 Currency in which the dividend/distribution is made ("primary currency")
AUD - Australian Dollar
2A.9 Total dividend/distribution payment amount
per +security (in primary currency) for all dividends/distributions notified in this form
AUD 1.20650000
2A.10 Does the entity have arrangements relating to the currency in which the dividend/distribution is paid to securityholders that it wishes to disclose to the market?
No
2A.11 Does the entity have a securities plan for dividends/distributions on this +security?
We do not have a securities plan for dividends/distributions on this security
2A.12 Does the +entity have tax component information apart from franking?
No
Part 3A - Ordinary dividend/distribution
3A.1 Is the ordinary dividend/distribution estimated at this time?
No
3A.1b Ordinary Dividend/distribution amount per security
AUD 1.20650000
3A.2 Is the ordinary dividend/distribution franked?
Yes
3A.3 Percentage of ordinary dividend/distribution that is franked100.0000 %
Estimated or Actual?
Actual
3A.1a Ordinary dividend/distribution estimated amount per +security
AUD
3A.2a Is the ordinary dividend/distribution fully franked?
Yes
3A.3a Applicable corporate tax rate for franking credit (%)
30.0000 %
3A.4 Ordinary dividend/distribution franked amount per +security
AUD 1.20650000
3A.5 Percentage amount of dividend which is unfranked0.0000 %
3A.6 Ordinary dividend/distribution unfranked amount per +security excluding conduit foreign income amount
AUD 0.00000000
3A.7 Ordinary dividend/distribution conduit foreign income amount per security
AUD 0.00000000
Part 3D - Preference +security distribution rate details
3D.1 Start date of payment period
3D.2 End date of payment period
Monday December 31, 2018
Saturday March 30, 2019
3D.3 Date dividend/distribution rate is set (optional)
Monday December 31, 2018
3D.4 Describe how the date that dividend/distribution rate is set is determined
First Business Day of the Distribution Period
3D.5 Number of days in the dividend/distribution period90
3D.6 Dividend/distribution base rate (pa)
2.0900 %
3D.7 Comments on how dividend/distribution base rate is set
90 day Bank Bill Rate displayed on the first Business Day of the Distribution Period. For more information, refer to the WCN 4 Prospectus.
3D.8 Dividend/distribution margin4.9000 %
3D.9 Comments on how dividend/distribution margin is set
Margin set at the time of issue of WCN 4 and will not change. For more information, refer to the WCN 4 Prospectus.
3D.10 Any other rate / multiplier used in calculating dividend/distribution rate-2.0970 %
3D.11 Comments on how other rate used in calculating dividend/distribution rate is set
Other rate = A - B where
A = (Bank Bill Rate + Margin) x (1 - Tax Rate)
B = Bank Bill Rate + Margin
Tax Rate (expressed as a decimal) means the Australian corporate tax rate applicable to the franking account of Westpac as at the relevant Distribution Payment Date (30%). For more information, refer to the WCN 4 Prospectus.
3D.12 Total dividend/distribution rate for the period (pa)
4.8930 %
3D.13 Comment on how total distribution rate is set
Distribution Rate = (Bank Bill Rate + Margin) x (1 - Tax Rate)
Part 5 - Further information
5.1 Please provide any further information applicable to this dividend/distribution
Capitalised terms in this announcement have the meanings given in the WCN 4 Prospectus, which is available fromwww.westpac.com.au/westpaccapnotes4.
This Distribution payment is subject to Westpac's absolute discretion and the Distribution payment conditions being satisfied in respect of the Distribution payment date. (NB: These are standard conditions in respect of each quarterly Distribution paid on WCN 4 - refer to the WCN 4 Prospectus.)
5.2 Additional information for inclusion in the Announcement Summary
The Distribution Rate was determined using the following formula:
(Bank Bill Rate + Margin) x (1 - Tax Rate)
as follows:
Bank Bill Rate is the 90 day Bank Bill Rate on 31 December 2018: 2.0900% pa + Margin: 4.9000% pa = 6.9900% pa x (1 - Tax Rate): 0.70 = Distribution Rate: 4.8930% pa
The cash amount of the Distribution on each Westpac Capital Note 4 (WCN 4) was calculated as follows: Distribution Rate: 4.8930% pa
x Face Value: AUD 100 x days in Distribution Period: 90 / 365 = cash amount of Distribution: AUD 1.2065, fully franked
As 30 March 2019 is not a Business Day, the Distribution payment will be made on the next Business Day, 1 April 2019.
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Disclaimer
Westpac Banking Corporation published this content on 04 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 04 January 2019 08:48:02 UTC