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- Release Date: 24/04/12 14:41
- Summary: GENERAL: DOW: Works Finance (NZ) Limited Step-up to apply to ROADS
- Price Sensitive: No
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DOW
24/04/2012 12:41
GENERAL
REL: 1241 HRS Downer EDI Limited
GENERAL: DOW: Works Finance (NZ) Limited Step-up to apply to ROADS
Media/ASX and NZX Release
24 April 2012
Works Finance (NZ) Limited Step-up to apply to ROADS
Downer EDI Limited and Works Finance (NZ) Limited (previously known as Works
Infrastructure Finance (NZ) Limited) ("Works Finance") announced today, as
permitted under term 5.2 of the Prospectus and Investment Statement dated 7
March 2007 ("Prospectus"), that from 15 June 2012 ("Step-up Date") any
Redeemable Optionally Adjustable Distributing Securities ("ROADS") dividend
declared will attract a Step-Up Margin of 4.05% in addition to the Market
Rate.
The Step-up Margin of 4.05% is the aggregate of the Step-Up Percentage
(2.00%) and the original Margin (2.05%). The initial Market Rate will be
determined by the One Year Swap Rate prevailing on the Step-up Date. In
accordance with clause 1.2 of the Prospectus, it is the intention that
Dividends will continue to be fully imputed. On each succeeding anniversary
of the Step-Up Date the Market Rate will be adjusted to reflect the One Year
Swap Rate prevailing on 15 June of each year with the Step-up Margin
remaining unchanged.
The Market Rate set mechanism, which is established in accordance with the
Prospectus, is the average of the bid and ask rates for the One Year Swap
Rate displayed at or about 11am (NZ time) on 15 June on the Reuters page
("FISSWAP").
With effect from 14 May 2012, ROADS will be quoted on a "price traded" basis
rather than the current "yield traded" basis as is consistent with market
practice pursuant to the forthcoming Step-up. As a consequence, the NZX
Ticker code will be changed from "WKS010" to "WKSHA" from this date. The
number of ROADS held by holders will not change as a result of this.
Holders are not required to undertake any action.
Should you require any further information regarding the above please refer
to the Prospectus, your financial or professional advisor or your nominated
NZX firm
Downer EDI Limited (www.downergroup.com) provides comprehensive engineering
and infrastructure management services to the public and private Minerals &
Metals, Oil & Gas, Power, Transport Infrastructure, Communications, Water and
Property sectors across Australia, New Zealand and the Asia Pacific region.
End CA:00222143 For:DOW Type:GENERAL Time:2012-04-24 12:41:04
(20min delay)