ANZ 0.97% $19.32 australia and new zealand banking group limited

late anz again

  1. 4,131 Posts.
    http://www.theaustralian.news.com.au/story/0,24897,24618410-643,00.html Next week, it is likely to lodge an AEP substantial shareholder notice, declaring an interest in half of the 23 per cent stake.

    The lateness of the notice could trigger controversy because ANZ effectively controlled the stake while the Allco group was on life support and in the hands of its bankers.

    Similar controversy erupted in the Opes disaster, in which ANZ belatedly issued substantial shareholder notices in a vast array of companies as a result of securities lending arrangements with the collapsed broker.

    The bank, however, is understood to hold the view that it only gets a relevant interest in AEP when the Allco receiver refuses to pay out on the put option.

    A hypothetical issue would have arisen about the need for a takeover bid if ANZ had not sold down half the debt and inherited the full 23 per cent AEP stake.

    However, as the Opes imbroglio showed, there is a legislative carve-out from the requirement to make a full takeover offer when a lender becomes the owner of shares in a traditional mortgage security arrangement.
 
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