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TRUST BANK NEW ZEALAND LIMITED (TBK)

Delisted NZX 12/07/1996

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delisted following the takeover by Westpac Holdings Limited - we understand that before the Westpac offer was made, Trust Bank, shareholders received a fully imputed taxable bonus issue by way of a subdivision of shares and fully imputed cash dividend of 7cps - under the arrangement, for every 11 shares held in Trust Bank shareholders received an extra 3 shares - the Offer price was $2.24cps based on the adjusted number of shares after the subdivision, which was the equivalent of $2.85 cents per existing Trust Bank share - in addition, shareholders received a 7c dividend per existing share - under the terms of the Offer, shareholders of Trust Bank had the choice of receiving cash for their shares or one Westpac Banking Corporation share for every four Trust Bank NZ shares held by them plus any amount necessary to ensure that accepting the alternative would leave the shareholder in the same position as if they had accepted the cash offer12/07/1996

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