Westpac completes retail shortfall bookbuild

A trading update from the major bank confirmed that the completion of the retail shortfall bookbuild concludes Westpac’s entitlement offer.

Under the institutional entitlement offer and retail entitlement offer, Westpac has now raised approximately $3.5 billion of ordinary equity.

“I want to thank shareholders for their tremendous support for the offer – it is a great endorsement of the strength of both our franchise and strategy,” Westpac chief executive Brian Hartzer said.

According to a company statement, 22.7 million entitlements were sold in the retail shortfall bookbuild at a clearing price of $29.50 per new share (being the offer price of $25.50 per new share, plus $4.00 per entitlement).

The retail sale proceeds are expected to be paid on or about Tuesday, 24 November 2015.

“New shares to be issued under the retail entitlement offer (including under the retail shortfall bookbuild) are expected to be issued on Friday, 20 November 2015 and to commence trading on a normal settlement basis on ASX on Monday, 23 November 2015,” the group said.