Yes the retail issue will be done as you say - volume weighted ave share price during that period. Westpac will update the SPP website that the running VWAP at the end of each day. i think with this AUSTRAC investigation and negative headlines, the share price will remain under pressure. There is also talk of action from instos who bought two weeks ago into the 2 bio raising without knowledge of this impending major problem. They are now underwater, probably overweight Westpac and there will be selling pressure on any rally towards 25.32- the issue price. Can’t see anyone trying to support the share price so retail investors pay a higher price. The retail tranche is not underwritten. This is a blessing in a way. It means that if less than 500 mil is raised, it goes ahead anyway. If it was underwritten the shortfall would go to the underwriters to ensure 500 mil was raised. The underwriters would then be natural sellers of this overhang putting further pressure on the share price.
WBC Price at posting:
$24.77 Sentiment: Hold Disclosure: Held
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