WBC - Westpac Banking Corporation

[RTM]

Just not tax efficient to receive dividend as a kiw. I wont say no if they give me thousands thou just saying...

That may well be the case if its a straight dividend. There are ways of doing a capital return other than buying back shares.
Buying back shares does not put bread on my table. And yes, before you start, ...I do realise I can sell a few shares to match the buy back..etc etc.

[Panda-NZ-]

If they are honest about wanting to serve New Zealanders better they could start with a share repurchase over aussie retirees harvesting "franken credits".

[Bjauck]

I dont know if I'm being pedantic or not but it amused me that Westpac New Zealand Limited (WNZL) stated its purpose as 'helping Australians and New Zealanders to succeed'.
yes!! In that order - I'm not sure what Australians have to do with WNZL other than owning it of course. But its purpose !!??

Hahah

Westpac is just stating the obvious as to what every company does - operating within the law to maximise the return for its shareholders, of which Kiwis comprise a small percentage. Kiwis have a system which leads to Kiwis preferring to borrow from the Aussie owned banks to buy real estate rather than owning shares and investment funds. So all's good?

[macduffy]

Still to be sold are the superannuation, wealth platforms and life insurance businesses. Auto finance is also tipped to be hocked off.

Thanks for all the detail in your post, Snoopy.

Those businesses yet to be sold are the important, higher-value ones. It will be interesting to see what prices they fetch, if sold.

[macduffy]

Deleted duplicate.

[peat]

Westpac is just stating the obvious as to what every company does - operating within the law to maximise the return for its shareholders, of which Kiwis comprise a small percentage. Kiwis have a system which leads to Kiwis preferring to borrow from the Aussie owned banks to buy real estate rather than owning shares and investment funds. So all's good?

My point was for Westpac NZ who have nothing to do with Australians (except as mentioned being owned by the Australian Westpac).

I was trying to point out somewhat facetiously that even as a NZ company they admit with their own language they prioritise Ozzies.

[RTM]

Might be of interest to some. Wonder what the chance of success is ? Measured by $'s to investors.
https://phifinneymcdonald.com/projects/


WESTPAC SHAREHOLDER CLASS ACTION
Phi Finney McDonald acts for the representative applicant in a class action against ASX-listed Westpac Banking Corporation (Westpac) commenced in the Federal Court of Australia.

The claim is brought on behalf of investors (group members) who acquired shares traded on the Australian Securities Exchange (ASX) and the New Zealand Stock Exchange, American Depository Receipts (ADRs) traded on the New York Stock Exchange, and long exposure equity swaps, between 16 December 2013 to 19 November 2019 (inclusive) (Claim Period). The class action is funded by Woodsford Litigation Funding (Woodsford).

Registration

If you acquired Westpac securities between 16 December 2013 and 19 November 2019 (inclusive), please email westpac@pfm.law to register and obtain more information about the class action.

[Ricky-bobby]

https://i.stuff.co.nz/business/indus...-receivers-say I would be pretty pissed off if I was a westpac shareholder… $52 mil debt for that size company is an outrage…

[peat]

https://i.stuff.co.nz/business/indus...-receivers-say I would be pretty pissed off if I was a westpac shareholder… $52 mil debt for that size company is an outrage…

but the bank will have security over some of the assets I reckon. so they may not miss out much or at all even. Its the unsecured creditors that will suffer.

[Toulouse - Luzern]

I also received this notice of the class action.
I bought and sold at a loss in the relevant period.
I see there is no downside for ex Shareholders seeing how it plays out.
I see a good chance of success.
Not a legal opinion, but on a de Bono evaluation basis:
"White high level facts":
It seems Westpac did poorly at the Royal Commission.
Inter alia, Risk management and money laundering management and reporting poor, exposing shareholders to risk.
Westpac fined AUD 1.3B subsequently.
Senior Executive went.
Westpac has already lost another Class Action re Insurance in April 2021 with another firm of lawyers.
Competent lawyers with the current brief and 3rd party "insurance" funded on a no win no fee basis.
In Court in Victoria next on 21 October 2021
Make you own evaluation ...
Caveat I have not seen the detail of the Plaintiff case.
The Westpac defence response is on a numbered paragraph basis referenced to the Plaintiff Case points.
Without the two sides data side by side it is not possible to fully assess the validity of the Defence case.

Might be of interest to some. Wonder what the chance of success is ? Measured by $'s to investors.
https://phifinneymcdonald.com/projects/


WESTPAC SHAREHOLDER CLASS ACTION
Phi Finney McDonald acts for the representative applicant in a class action against ASX-listed Westpac Banking Corporation (Westpac) commenced in the Federal Court of Australia.

Registration

If you acquired Westpac securities between 16 December 2013 and 19 November 2019 (inclusive), please email westpac@pfm.law to register and obtain more information about the class action.