NAB 0.67% $19.54 national australia bank limited

to make $2bn institutional placement

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    Sydney - Monday - November 10: (RWE Aust Business News) -
    National Australia Bank (ASX:NAB) will raise around $2 billion in an
    institutional placement of shares to strengthen its balance sheet.
    The placement has been fully underwritten by Goldman Sachs
    JBWere, Merrill Lynch and UBS AG, Australia.
    More favourable market conditions have enabled NAB to accelerate
    capital management plans and, accordingly, upon completion, NAB will no
    longer proceed with its underwriting of the DRP for the final dividend.
    Following the placement, NAB will also offer retail shareholders
    the opportunity to participate in a non-underwritten share purchase plan
    at the institutional placement price.
    Ordinary shareholders will be able to subscribe for up to $10,000
    in NAB shares.
    However, NAB will reserve the right to scale back applications if
    total demand exceeds $250m.
    The capital raising will result in NAB moving immediately to a
    Tier 1 ratio of around 8.0 per cent.
 
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