St.George receives significant item gain from VISA...

St.George receives significant item gain from VISA Inc.
shareholding
St.George today announced that it is to recognise a gain of approximately $75 million before
tax in its 31 March 2008 half-year results. This gain follows the issue of Visa shares to
St.George as part of Visa’s initial public offering (IPO) completed on 19 March 2008 and
represents the sale of a portion of St.George’s shareholding into the IPO and the fair value
of the residual shares held.
This $75 million gain has been determined based on the listing price of US$44 per share
adjusted for transaction costs and a discount to reflect that the shares retained by St.George
are subject to certain trading restrictions.
The gain is to be treated as a significant item in St.George’s 31 March 2008 half-year results
that are to be released on 6 May 2008.
St.George remains on track to meet its EPS growth target of 10 per cent in 2008