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Reinvestment plan
St.George currently operates a Dividend Reinvestment Plan (DRP) for it's Shareholders. Participation is optional, but you must be a resident of Australia. A participation minimum of 100 shares applies and there may be a maximum number 'cap' applied from time to time. There is currently no cap placed on the DRP.
There is currently 2.5% discount offered for shares purchased under the DRP, and fractional entitlements are rounded down to the nearest share. Residual balances will be carried forward and added to future DRP entitlements.
Modifications to the Dividend Reinvestment Plan
The first modification is to amend the definition of “Market Price” by inserting the words in italics below:
“Market Price” means the average of each day’s volume weighted average price (expressed in terms of cents and with fractions of cents rounded to the nearest full cent) of all the shares of St.George sold on the Australian Securities Exchange during the 15 days of tradingcommencing on the second day after the record date for determination of entitlement to the relevant dividend (or such other period determined by the Directors and announced to the Australian Securities Exchange).
The second modification is to amend clause 11.1 by inserting the words in italics below:
"Except as otherwise contemplated in these Terms and Conditions, all notices shall be in writing and in such form as St.George may from time to time require."
The third modification is to amend clause 13.1 “Notice” by deleting “on giving one month’s notice to Shareholders” and inserting the words in italics below, to read:
"The Plan may be suspended, modified or terminated by St.George at any time. Notice of suspension, modification or termination of the Plan may be given by announcement to the Australian Securities Exchange and such notice will be effective on the date that it is given."
The above modifications provide St.George with more flexibility with regard to its capital management should the merger not proceed, whilst still allowing DRP participants sufficient time to act as may be required. The DRP will be operational for the final dividend for 2008 and the special dividend should the proposed merger not proceed.View the Highlights of Plan and Terms and Conditions (PDF, 92kb)
DRP Application Forms are available from the St.George Bank Share Registry, Computershare on 1800 804 457.
