Commonwealth Bank Confirms The Resale, Redemption And Final Distribution Regarding PERLS VI

  • Dec 17, 2018 AEDT
  • Team Kalkine
Commonwealth Bank Confirms The Resale, Redemption And Final Distribution Regarding PERLS VI

Commonwealth Bank of Australia (ASX: CBA) is into the banking operations, life insurance services, and other integrated services for the individuals, small businesses and medium-sized commercial enterprises. The Bank provides corporate and retail banking, international corporate financing, institutional banking, and stockbroking as well as the funds management services such as superannuation product.

The company has via a recent ASX release stated that as on the 17th of December 2018, the resale of Perpetual Exchangeable Resaleable Listed Securities i.e., PERLS VI from the PERLS VI holders have occurred for a consideration of $100 for each PERLS VI unit. These PERLS VI securities were issued by the bank in October 2012.

This release is in conjunction and continuation with the Resale notice which was issued by the bank as on the 1st November 2018 as per the PERLS VI terms of issue ("PERLS VI Terms"). The notice specifically mentioned that as on 17 December 2018, all the PERLS VI units will be compulsorily resold to the Intended Purchaser (as defined in the PERLS VI conditions) for a sum of $100 per PERLS VI unit. It was also mentioned that the proceeds of resale would be paid to the holders of the PERLS VI instruments on that same date and in the same way in which distributions on the Instrument have earlier been paid. The instruments last traded on the ASX as on the December 05, 2018.

Moreover, as on 1 November 2018, the bank had announced an offering of its PERLS XI Notes ("PERLS XI"), which incorporated a Reinvestment Offer. Under this offer, the eligible PERLS VI holders were provided the option for applying to reinvest all or some of their PERLS VI resale proceeds in the instruments of PERLS XI. So as to be considered eligible for the purposes of participating in the Reinvestment Offer, the person had to be a registered holder of PERLS VI as on 25 October 2018 and must have had a registered address in Australia as at that date.

These PERLS VI units will be resold to the PERLS VI Purchaser, which is Morgan Stanley Australia Securities Limited. The transaction has occurred in accordance with the PERL VI Terms (Terms) as amended earlier. The final distribution of A$0.9989 per PERLS VI is also slated to be paid on 17 December 2018 to eligible PERLS VI holders.

The bank has also confirmed that as of now all the PERLS VI have been Redeemed, after the due payment of the final distribution and Resale.

On another release on ASX, the company announced that CBA’s Perpetual Exchangeable Resaleable Listed Securities (PERLS VI) will be removed from the official quotations at the close of the trading on the 17th of December 2018, post the redemption takes place. It is also to be noted that the redemption applies only to the PERL VI and not any other quoted securities.

Meanwhile, the share price of the company has risen 2.02 percent in the past six months as on 14 December 2018. CBA’s shares traded at $69.30, up by 0.712% & with a market capitalization of circa $121.81 billion as on 17 December 2018 (AEST 03:48 PM).


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