WBC, WESTPAC BANKING CORPORATION

[early birds]

Westpac Banking Corporation announces a fully-underwritten offer of approximately 31
million Pendal Group Limited (ASX:PDL) (Pendal) shares (which is circa 9.5% of Pendal's
shares on issue) (the Offer) to institutional investors domiciled in Australia and other
relevant jurisdictions1
. This announcement is consistent with Westpac’s disclosures since
the time of its previous sell-down of Pendal shares in 2017 in which Westpac has indicated
that it would sell its remaining stake in Pendal at some future date.
The Offer price for the shares has been set at $5.98 per share, which is a discount of 4% to
Pendal's last closing price of $6.23 on 17 June 2020 and a 5.1% discount to the 30-day
VWAP of $6.30.
Finalisation of the Offer will complete the divestment of Westpac’s proprietary shareholding
in Pendal, following earlier share sales in 2007, 2015, and 2017.
Acting Chief Financial Officer, Westpac Banking Corporation, Gary Thursby said: “Pendal is
a highly regarded, independent business, and given Westpac’s commitment to simplify its
operations and focus on banking in Australia and New Zealand, now is the right time to
complete our divestment”.
Completion of the Offer is expected to add approximately 2 basis points to Westpac’s
Common Equity Tier 1 capital ratio and will result in a post-tax accounting gain for Second
Half 2020 of $32m that will be included in Westpac's Full Year 2020 statutory result.
Consistent with past practice, the gain will be excluded from the calculation of Westpac’s
cash earnings2
.
UBS is acting as Sole Lead Manager, Underwriter and Bookrunner of the offer.
Settlement of the transaction is expected to occur on 22 June 2020.

==============

good to see the sell down, about 180mil in the bag, nice!!

[early birds]

https://www.afr.com/companies/financial-ser...20200617-p553g9

Justice Jonathan Beach said although he accepted AUSTRAC would receive alerts about suspicious transactions it needed to investigate almost "continuously”, it needed to draw a line under the allegations.

"I do think it’s time to close this pleading for want of a better word ... We do need to guillotine it at some stage," Justice Beach said.

================

if the court's ended jugement in favour of WBC it could spark SP up 10% in one go imho.

[early birds]

https://www.afr.com/chanticleer/westpac-exp...20200604-p54zhu

Our assessment is that, while not satisfactorily focused before 2017 and slow off the mark, the board’s response appears to have been appropriate after 2017, though reaction times remained slow

===============

after self confess then the conclusion sound bit of positive after 2017.......
still think it worth a good look at it's current price... but as my hands are really tight, can't do much of myself!!

[early birds]

https://www.afr.com/companies/financial-ser...20200402-p54g9v


Across our organisation, we are working hard to ensure we remain open for business ... We must also look to the future for the best way for Westpac to meet the challenges," Mr King said.

-----------------------

yep!!! got prop manager team, but divy for all the banks seems under pressure .
cut the divy support reckless borrower ------way to running a biz!!

[nipper]

In Reply To: mullokintyre's post @ Mar 16 2020, 04:16 PM

stopped paying attention at homo dice pacem
....
..

..

.found above the fireplace btw

[mullokintyre]

In Reply To: nipper's post @ Mar 16 2020, 04:10 PM

You obviously were not reading your Latin Quia Hodie too closely ad ludum. .
Mick

[nipper]

In Reply To: mullokintyre's post @ Mar 16 2020, 03:57 PM

cattus mortuus ?

(then run over by a Kenworth rig)

[mullokintyre]

In Reply To: early birds's post @ Mar 16 2020, 02:21 PM

What I have learned from the past is that you never know the market is turned around until well after the event.
Takes more than one day's rise- beware the recently passed feline rebound.
Mick

[early birds]

In Reply To: nipper's post @ Mar 16 2020, 01:29 PM

will market turn around tomorrow??

this is crazy market ever seen. but so far i'm on top of it.
not sure what will wall street reacting , to me i just try to fig it out how big the down side for Dow Spx Dax, . try to work out strong support level of them.

[nipper]

In Reply To: early birds's post @ Mar 16 2020, 08:17 AM

On a bigger stage, but keeping with the theme

So when exactly does a coronavirus-triggered corporate market meltdown officially turn into a full-blown financial crisis? That’s a question many market participants, and banks in particular, must be asking themselves.

If there has been any silver lining to the current market shock and the recession that is likely to follow, it is that it hasn’t been a 2008-style banking crisis � of the kind that jumps like a virus between highly leveraged global financial institutions and causes them to bleed dry.

The Dodd-Frank and Basel III regulations that followed in the wake of the subprime crisis were designed to mitigate that risk. Banks, required to hold larger quantities of high-quality assets, were made to do less trading, and more traditional lending.

That worked, up to a point. The virus-induced brake on consumer activity and labour markets, which has in turn triggered a corporate credit run, is what caused the market panic this time, rather than risky trading on the part of global banks.

Today, it is not Wall Street financial institutions, but companies in a variety of industries that are stressed, as a simultaneous supply and demand shock means they need to tap credit lines to pay their bills...

- different pathway, same destination?