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Media Rel: Tracking Stock Issue taking longer than expected

Document date:  Fri 31 Mar 2000
Published:  Fri 31 Mar 2000 08:44:13
Document No:  160365
Document part:  A
Market Flag:  N
Classification:  Other


HOMEX - Melbourne                                                     

ANZ today announced that the regulatory approval process for its
planned public offering of tracking stock in New Zealand was on
track, but was taking longer than expected.

"A key component of the planned offering is for income distributions
to carry New Zealand imputation credits and IRD rulings are required
to give certainty on this issue," said Dr Murray Horn, ANZ New
Zealand Managing Director.

"By this stage we had hoped to have received full draft rulings from
the Inland Revenue Department. While the process is proceeding
smoothly, it is taking longer than expected," he said.

"The delay is unfortunate, but it is worth waiting until we have
clarity about the tax treatment," Dr Horn said,

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