Current corporate actions
The latest large company announcements, which may affect existing Macquarie Margin Loan, Macquarie Geared Equities Investment plus (GEI plus) and Macquarie Stock Lending clients, are outlined below.
Please note, this is not a complete list of all corporate actions currently affecting Australian shareholders. For further information about current Australian company announcements, visit the ASX website.
Last update: 6 November 2008
| Stock Code | GMG |
| Stock Name | Goodman Group Unit Trust |
| Corporate Action Type | Entitlement Offer |
| Details |
On Tuesday 28 October 2008, Goodman Group announced a 0.47 for 1 non renounceable, fully underwritten entitlement offer at a price of $0.90 per stapled security, to raise approximately $725.5 million (the "Entitlement Offer")
Macquarie cut off date: 19 November 2008 Entitlement Offer Closing date: 5pm 21 November 2008 |
| Impact on Macquarie Margin Loan clients | MLF clients can send in their Entitlement Acceptance Form to Macquarie prior to 19 November 2008. |
| Impact on Macquarie GEI plus clients |
The entitlement impacted the protected value of a GEI portfolio, as the protected price of each share was reduced according to an ASX prescribed formula. Macquarie is required to take action, to maintain the protected value of the GEI. This involved realising the value of the entitlements and using the proceeds to purchase additional shares on client's behalf.
Therefore, while GEI clients were not able to exercise the entitlements, a benefit was received in the form of additional shares. Letters will be mailed out to clients shortly.
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| Impact on Equity Lever clients | N/A |
| Impact on Macquarie Stock Lending clients | No GMG will be accepted for Stock Lending. |
| Stock Code | GPT |
| Stock Name | GPT Group Unit Trust |
| Corporate Action Type | Entitlement Offer |
| Details |
On 23 October 2008, GPT announced an entitlement offer where eligible GPT security holders are entitled to acquire 1 new GPT security for every existing GPT stapled security held at an offer price of $0.60 per new security. The entitlement offer opens on 30 October 2008. GPT has also announced a distribution of 4.2 cents payable on 27 November 2008. New GPT securities offered under the entitlement offer are not entitled to this current distribution. Macquarie's closing date is 13 November 2008.
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| Impact on Macquarie Margin Loan clients | MLF clients who wish to take up the entitlement offer can send their Entitlement Acceptance Form to Macquarie prior to 13 November 2008. |
| Impact on Macquarie GEI plus clients |
Due to the capital protection component of your GEI, you will not be able to participate in the entitlement offer. Instead Macquarie is required to realise the value of the entitlement in order to purchase additional GPT securities for you, to restore the protected value of the holding.
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| Impact on Equity Lever clients | Equity Lever clients have the following two options available to them. Option 1) Default option. While you may not be able to exercise the entitlements in the normal manner, the Security Trustee can realise the value of your entitlements. To effect this transaction, we will instruct the Security Trustee to sell all of your GPT securities and utilise the proceeds of the sale to purchase new GPT securities using the entitlements. The new securities purchased at $0.60 would then be held in your Equity Lever portfolio. Any value realised in this transaction would then be used to reduce your Outstanding Instalment Balance. Option 2) You can elect for the Security Trustee to take up the entitlement to purchase the new GPT securities, on your behalf, at $0.60 with payment for these new GPT securities made from your own funds. The new GPT securities allocated will not be held within the Equity Lever portfolio, but will be issued to you after they are received by the Security Trustee. You will need to return the Funds Election Form to Macquarie by 13 November 2008. |
| Impact on Macquarie Stock Lending clients | No GPT will be accepted for Stock Lending. |
| Stock Code | HAP |
| Stock Name | HFA Accelerator Plus Limited |
| Corporate Action Type | Off Market Buy Back |
| Details |
HAP proposes to buyback up to 40% of its ordinary shares through an off-market shares buyback. Eligible shareholders can tender up to 100% of their shares in 2 tranches. If tranche 2 proceeds, only shareholders who have tendered more shares in tranche 1 than the number of their shares bought back by the company in tranche 1 may participate in tranche 2. Tender period closes 21 October 2008. The date for calculating tranche 1 price and last day tranche 1 tenders can be withdrawn is 31 December 2008. Tranche 1 payment is due early May 2009.
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| Impact on Macquarie Margin Loan clients | Sufficient capacity is required on the margin loan facility to enable the removal of the HAP units. |
| Impact on Macquarie GEI plus clients |
N/A
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| Impact on Equity Lever clients | N/A |
| Impact on Macquarie Stock Lending clients | N/A |
| Stock Code | HIC |
| Stock Name | Huntley Investment Company Limited |
| Corporate Action Type | Takeover |
| Details |
Brickworks Investment Company Limited (BKI) proposed to acquire all the issued capital of Huntley Investment Company Limited. Shareholders who accepts the takeover prior to the offer closing date will receive 0.6 (rounded down) Brickworks shares for each share held. New shares issued pursuant to the offer rank equally with existing shares, except that they will not participate in any dividend payable for the year ending 30 June 2008. Offer closing 20 November 2008. HIC and BKI currently have a LVR of 70%.
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| Impact on Macquarie Margin Loan clients | Sufficient funds are required on the margin loan facility to enable the removal of the HIC units. |
| Impact on Macquarie GEI plus clients |
N/A
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| Impact on Equity Lever clients | N/A |
| Impact on Macquarie Stock Lending clients | N/A |
| Stock Code | MRE |
| Stock Name | Minara Resources Limited |
| Corporate Action Type | Renounceable Rights |
| Details |
Minara Resources (MRE) has announces a fully underwritten, renounceable pro rata rights issue at an issue price of $0.30 each, to raise approximately $210 million. The new shares will be offered on the basis of 3 new shares for every 2 fully paid ordinary shares held as at the record date of 10 November 2008. The new shares will be fully paid and will rank equally with MRE's existing issued ordinary shares. The entitlement under the offer will be renounceable, which means that eligible shareholders who do not wish to take up all or some of their entitlement may sell their rights on the ASX. An Offer Document will be sent to all eligible shareholders, together with an Entitlement and Acceptance Form, on 14 November 2008. Offer closing on 28 November 2008. Macquarie's cut off date is 26 November 2008.
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| Impact on Macquarie Margin Loan clients | MLF clients can fund their entitlement from their loan by sending in their completed Entitlement and Acceptance Form to Macquarie. Please allow sufficient time for cheques to be processed and sent to the registry. Macquarie's cut off date for MRE entitlement is 26 November 2008. |
| Impact on Macquarie GEI plus clients |
Due to the capital protection component of your GEI, you will not be able to participate in the entitlement offer. Instead Macquarie is required to realise the value of the entitlements in order to purchase additional MRE securities for you, to restore the protected value of the holding. Letters will be sent out shortly.
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| Impact on Equity Lever clients | N/A |
| Impact on Macquarie Stock Lending clients | N/A |
| Stock Code | ORG |
| Stock Name | Origin Energy Limited |
| Corporate Action Type | Additional Dividend |
| Details |
Origin Energy Limited have announced on 30 October 2008 the completion of the joint venture with ConocoPhillips, and therefore a record date of 11 November 2008 for the additional dividend of 25 cents per share fully franked.
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| Impact on Macquarie Margin Loan clients | Eligible shareholders will have their special dividends paid on 21 November 2008. |
| Impact on Macquarie GEI plus clients |
Due to the capital protection component of your GEI, you will not be able to receive the additional dividends in the form of cash. Instead Macquarie is required to acquire your additional dividend to purchase additional ORG securities for you, to restore the protected value of the holding. Letters will be sent out on completion of this corporate action. Expected date is on/or after 22 November 2008.
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| Impact on Equity Lever clients | Eligible shareholders will have their special dividends paid on 21 November 2008. |
| Impact on Macquarie Stock Lending clients | No ORG will be accepted for Stock Lending. |
| Stock Code | QGC |
| Stock Name | Queensland Gas Company Limited |
| Corporate Action Type | Takeover |
| Details |
BG Group plc and Queensland Gas Company Limited (QGC) have announced that they have agreed to a transaction under which BG Group will offer to acquire all the issued shares in QGC at $5.75 per share by means of an unconditional on market takeover bid on the ASX. The closing date will be 15 December 2008. QGC currently has a LVR of 50%.
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| Impact on Macquarie Margin Loan clients | Sufficient funds are required on the margin loan facility to enable the removal of the QGC units. |
| Impact on Macquarie GEI plus clients |
N/A
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| Impact on Equity Lever clients | N/A |
| Impact on Macquarie Stock Lending clients | N/A |
| Stock Code | SGB |
| Stock Name | St George Bank Limited |
| Corporate Action Type | Scheme of Arrangement |
| Details |
Directors of St George Bank Limited (St George) and Westpac Banking Corporation (Westpac) advise that they propose to merge the two companies by way of a Scheme of Arrangement. St George shareholders will receive 1.31 Westpac shares for each St George share held. New Westpac shares will rank equally with all existing Westpac shares, other than with respect to Westpac's final dividend record date of 11 November 2008. Shareholder, regulatory and court approval required. Shareholder meeting is expected to be on 13 November 2008. Last day of trading in SGB shares is 17 November 2008. Expected scheme record date is 24 November 2008.
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| Impact on Macquarie Margin Loan clients | Pending release of further information, potentially, all St George shares held in a margin loan will be adjusted to Westpac shares. The LVR for St George and Westpac is currently 75% |
| Impact on Macquarie GEI plus clients |
All St George securities will be adjusted to Westpac securities as per ASX ETO adjustment. Further information regarding the underlying adjustment will be mailed out at a later stage.
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| Impact on Equity Lever clients | Pending release of further information, potentially, all St George Instalment Receipts will be adjusted to Westpac Instalment Receipts. |
| Impact on Macquarie Stock Lending clients | No SGB will be accepted for Stock Lending. |