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STOCKLAND — Capital/Financing Update 2009
May 14, 2009
65781_rns_2009-05-14_16f47b78-fe3c-4445-811a-bff607c25a71.pdf
Capital/Financing Update
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STOCKLAND – ACCELERATED NON-RENOUNCEABLE ENTITLEMENT OFFER
Participating Organisations are advised that Stockland (the “Group”) has announced a 2 for 5 accelerated non-renounceable pro rata entitlement offer (the “Entitlement Offer”), at an offer price of $2.70 per new stapled security (the “Offer Price”) to raise up to $1.78 billion. The Group has also announced an institutional placement (the “Institutional Placement”) at the Offer Price to raise $0.2 billion.
The Entitlement Offer has two components:
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An institutional entitlement offer, where offers have been made to qualifying institutional securityholders for them to apply for their pro-rata entitlement to raise approximately $1.335 billion (the “Institutional Entitlement Offer”).
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A retail entitlement offer, where an offer will be made to qualifying retail securityholders for them to apply for their prorata entitlement to raise up to $445 million (the “Retail Entitlement Offer”).
The Institutional Entitlement Offer and the Institutional Placement are fully underwritten and together have raised approximately $1.56 billion. The Retail Entitlement Offer is also fully underwritten.
The Record Date for the Entitlement Offer is 18 May 2009.
The Retail Entitlement Offer is expected to close on 11 June 2009.
The Group will ignore changes in security holdings which occur after the commencement of the trading halt on Wednesday, 13 May 2009 (other than registrations of transactions which were effected through ITS before the commencement of the trading halt).
New securities issued under the Entitlement Offer and Institutional Placement will rank equally with existing stapled securities on issue and will be entitled to receive the full 2H09 distribution. No change has been made to current guidance of 17.0c per security.
The indicative timetable in relation to the Entitlement Offer is as follows:
| Date | Event |
|---|---|
| Wednesday, 13 May 2009 |
Trading halt applied Announcement of Institutional Placement and Entitlement Offer Cleansing notice released to the ASX - Entitlement Offer Institutional Entitlement Offer - Open Date |
| Thursday, 14 May 2009 | Institutional Entitlement Offer – Close Date |
| Friday, 15 May 2009 | Announce completion of Institutional Placement and Institutional Entitlement Offer Trading halt lifted - Trading recommences |
| Monday, 18 May 2009 | Record date for Entitlement Offer |
| Wednesday, 20 May 2009 |
Despatch of retail information booklet and Entitlement and Acceptance Form Retail Entitlement Offer – Open Date |
| Friday, 22 May 2000 | Retail Entitlement Offer Initial Close Date |
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No responsibility is accepted for any inaccuracies contained in the matter published.
| Wednesday, 27 May 2009 |
Settlement Date – Institutional Placement, Institutional Entitlement Offer, and Retail Entitlement Offer where valid acceptances received by the Initial Retail Close Date |
|---|---|
| Thursday, 28 May 2009 | Allotment Date - Institutional Placement, Institutional Entitlement Offer, and Retail Entitlement Offer where valid acceptances have been received by the Initial Retail Close Date Despatch of holding statements Normal trading commences - Institutional Placement and Institutional Entitlement Offer, and Retail Entitlement Offer where valid acceptances have been received by the Initial Retail Close Date |
| Thursday, 11 June 2009 |
Retail Entitlement Offer – Final Close Date |
| Tuesday, 16 June 2009 | Retail shortfall notification |
| Wednesday, 17 June 2009 |
Settlement Date – Retail Entitlement Offer |
| Thursday, 18 June 2009 |
Allotment Date – Retail Entitlement Offer |
| Friday, 19 June 2009 | Normal trading commences – Retail Entitlement Offer Despatch of holding statements–Retail Entitlement Offer |
Settlement issues
Despite the fact that stapled securities are trading “ex entitlement” on ITS, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages and CHESS will not maintain cum balances in these stapled securities within the system. As a result any transfer that occurs prior to record date will be effectively transferred on a “Cum” basis.
Therefore, Participants must ensure that any transfer, including the priming of Broker Entrepot Accounts, is conducted in accordance with the basis of quote. For example, a transfer in relation to a transaction conducted on an ex-basis should ordinarily only occur post record date.
In addition, CHESS will not perform any automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.
Trading issues
ASX will not price a “cum” market with respect to trading in the Group’s securities. Persons who acquire the Group’s securities after the commencement of the trading halt on Wednesday, 13 May 2009 are not entitled to participate in the Entitlement Offer.
Further information
For further details, please refer to the Group’s announcement dated 13 May 2009 or call the Group’s Computershare information line on 1300 494 569 or email [email protected].
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No responsibility is accepted for any inaccuracies contained in the matter published.