Notification of dividend / distribution
Announcement Summary
Entity name
WESTPAC BANKING CORPORATION
Security on which the Distribution will be paid
WBCPE - CAP NOTE 3-BBSW+3.05% PERP NON-CUM RED T-09-22
Announcement Type
New announcement
Date of this announcement
Tuesday December 29, 2020
Distribution Amount
AUD 0.52820000
Ex Date
Friday March 12, 2021
Record Date
Monday March 15, 2021
Payment Date
Tuesday March 23, 2021
Additional Information
The Distribution Rate was determined using the following formula: (3 month BBSW Rate + Margin) x (1 - Tax Rate)
as follows:
3 month BBSW Rate on 24 December 2020: 0.0100% pa
-
Margin: 3.0500% pa = 3.0600% pa
x (1 - Tax Rate): 0.70
= Distribution Rate: 2.1420% pa
The cash amount of the Distribution on each Westpac Capital Note 2 (WCN 2) was calculated as follows: Distribution Rate: 2.1420% pa
x Face Value: AUD 100
x days in Distribution Period: 90 / 365
= cash amount of Distribution: AUD 0.5282 fully franked
Refer to below for full details of the announcement
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Notification of dividend / distribution
Announcement Details
Part 1 - Entity and announcement details
1.1 Name of +Entity
WESTPAC BANKING CORPORATION
1.2 | Registered Number Type | Registration Number |
ABN | 33007457141 | |
1.3 | ASX issuer code | |
WBC |
- The announcement is New announcement
- Date of this announcement
Tuesday December 29, 2020
1.6 ASX +Security Code
WBCPE
ASX +Security Description
CAP NOTE 3-BBSW+3.05% PERP NON-CUM RED T-09-22
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)
Tuesday March 23, 2021
2A.4 +Record Date
Monday March 15, 2021
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Notification of dividend / distribution
2A.5 Ex Date
Friday March 12, 2021
2A.6 Payment Date
Tuesday March 23, 2021
2A.7 Are any of the below approvals required for the dividend/distribution before business day 0 of the timetable?
Security holder approval
Court approval
Lodgement of court order with +ASIC
ACCC 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 0.52820000
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 0.52820000
Estimated or Actual?
Actual
3A.1a Ordinary dividend/distribution estimated amount per +security
AUD
3A.2 Is the ordinary dividend/distribution franked? Yes
3A.2a Is the ordinary dividend/distribution fully franked? Yes
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3A.3 Percentage of ordinary dividend/distribution that is | 3A.3a Applicable corporate tax rate for franking credit |
franked | (%) |
100.0000 % | 30.0000 % |
3A.4 Ordinary dividend/distribution franked amount per +security
AUD 0.52820000
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
3A.5 Percentage amount of dividend which is unfranked
0.0000 %
3D.1 | Start date of payment period | 3D.2 End date of payment period |
Thursday December 24, 2020 | Tuesday March 23, 2021 | |
3D.3 | Date dividend/distribution rate is set (optional) | |
Thursday December 24, 2020 |
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 period
90
3D.6 Dividend/distribution base rate (pa)
0.0100 %
3D.7 Comments on how dividend/distribution base rate is set
90 day Bank Bill Rate on the first Business Day of the Distribution Period. For more information, refer to the WCN 2 Prospectus.
3D.8 Dividend/distribution margin
3.0500 %
3D.9 Comments on how dividend/distribution margin is set
Margin set at the time of issue of WCN 2 and will not change. For more information, refer to the WCN 2 Prospectus.
3D.10 Any other rate / multiplier used in calculating dividend/distribution rate
-0.9180 %
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Notification of dividend / distribution
3D.11 Comments on how other rate used in calculating dividend/distribution rate is set
Other rate = A - B where
A = (3 month BBSW Rate + Margin) x (1 - Tax Rate) B = 3 month BBSW 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 2 Prospectus.
3D.12 Total dividend/distribution rate for the period (pa)
2.1420 %
3D.13 Comment on how total distribution rate is set
Distribution Rate = (3 month BBSW 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 2 Prospectus, which is available from https:/ /www.westpac.com.au/westpaccapnotes2.
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 2 - refer to the WCN 2 Prospectus.)
5.2 Additional information for inclusion in the Announcement Summary
The Distribution Rate was determined using the following formula: (3 month BBSW Rate + Margin) x (1 - Tax Rate)
as follows:
3 month BBSW Rate on 24 December 2020: 0.0100% pa
-
Margin: 3.0500% pa = 3.0600% pa
x (1 - Tax Rate): 0.70
= Distribution Rate: 2.1420% pa
The cash amount of the Distribution on each Westpac Capital Note 2 (WCN 2) was calculated as follows: Distribution Rate: 2.1420% pa
x Face Value: AUD 100
x days in Distribution Period: 90 / 365
= cash amount of Distribution: AUD 0.5282 fully franked
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Disclaimer
Westpac Banking Corporation published this content on 29 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 December 2020 08:40:05 UTC