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The ranking of your ANZ StEPS is determined effectively by the Preference Share component of ANZ StEPS. Holders of Preference Shares rank in priority to Ordinary Shareholders, but are subordinated to all depositors and creditors.
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In the unlikely event of a winding-up of ANZ or ANZ (NZ), your ANZ StEPS will be 'unstapled'. This is an Assignment Event and you will cease to be entitled to any payment on Notes. The Preference Share component of your ANZ StEPS will rank as a claim of $100.00 each in priority over payment to Ordinary shareholders and holders of securities ranking lower than Preference shares for any distributable assets in a winding-up.
Please note that you may hold Ordinary Shares that will rank below Preference Shares in a winding–up if:
- You or ANZ have required Exchange of ANZ StEPS before a winding-up; and
- ANZ has chosen Conversion to effect Exchange.
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Except in certain limited circumstances, your ANZ StEPS do not give you any right to vote at general meetings of ANZ. Those limited circumstances include, for example, a proposal by ANZ to reduce its share capital, a proposal that affects the rights attached to Preference Shares or if a Distribution that has been declared by not paid in full. ANZ must also obtain the approval of holders in ANZ seeks to issue share capital ranking ahead of Preference Shares.
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Yes. ANZ must not issue share capital that ranks in priority to Preference Shares without Holder consent. This restriction extends to permitting conversion of any existing share capital into shares that rank in priority to Preference Shares.
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No, ANZ Steps do not carry a right to participate in other issues of securities of ANZ or ANZ (NZ).
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