Yet another example of a company treating their shareholders like dirt. As an existing shareholder, I expect to benefit from capital raisings in some shape or form (and not just by a Tier 1 ratio prop-up). Whatever happened to renounceable rights issues? If I decide not to take up rights to purchase more shares, at $16.00 each, then I should be able to sell those rights to the institutional investors who heavily oversubscribe to these offers. The institutions only ever participate in these capital raisings so they can stag the shares to make a quick buck anyway.
There are no rights to being an existing shareholder these days.
Another big red cross for you, Fail Gail Kelly.
thanks westpac, page-41
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