Westpac completes bigger than expected share buyback
(21 December 2005 – Australia) Westpac has completed a A$1 billion off market share buyback, which amounts to almost three percent of its overall stock.
The bank said shareholder demand led to it increasing its offer by A$300 million. Westpac had initially targeted A$700 million.
The bank said its strong capital position and ability to generate capital meant it could increase the size of the share offer.
"Westpac will buy back a total of 52.3 million shares, or 2.8 percent of Westpac’s ordinary shares on issue for a total consideration of A$1 billion.
The bank posted a A$2.82 billion net profit for 2005.
The bank said its strong capital position and ability to generate capital meant it could increase the size of the share offer.
"Westpac will buy back a total of 52.3 million shares, or 2.8 percent of Westpac’s ordinary shares on issue for a total consideration of A$1 billion.
The bank posted a A$2.82 billion net profit for 2005.
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