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ANZ New Zealand tracking unit on hold

Document date:  Mon 29 May 2000
Published:  Mon 29 May 2000 09:57:55
Document No:  162569
Document part:  A
Market Flag:  Y
Classification:  Asset Acquisition


HOMEX - Melbourne                                                     

ANZ announced today that its earlier proposal to make a public offer
of tracking stock in New Zealand has been postponed given the major
injection of new funds into the Bank as a result of the recently
announced sale of Grindlays and the associated proposal for an
on-market share buyback.

The Bank indicated that it remained interested in the possibility of
a New Zealand tracking stock issue, which would be advantageous to
New Zealand investors because of the access such stock would provide
to imputation credits. However, no decision will be made on the
timing of such an issue until circumstances warrant the need for
further equity.

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Murray Horn 
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