Media Rel: Tracking Stock Issue taking longer than expected
Document date:
Fri 31 Mar 2000
Published:
Fri 31 Mar 2000 00:00:00
Document No:
160365
Document part:
A
Market Flag:
N
Classification:
AUSTRALIA & NEW ZEALAND BANKING GROUP LI 2000-03-31 ASX-SIGNAL-G 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, For media enquiries, please contact; In New Zealand: Michael O'Donnell Tel: +64-4-472 6046 or +64-21-462 976 In Australia: Paul Edwards Head of Media Relations Tel: +61-3-9273 6955 or +61-409 655 550