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Warrants-adjustment for CML Special Dividend

Document date:  Tue 15 May 2001
Published:  Tue 15 May 2001 16:52:35
Document No:  176648
Document part:  A
Market Flag:  N
Classification:  Structured Products Issuer Report

AUSTRALIA AND NEW ZEALAND BANKING GROUP       2001-05-15  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

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Australia and New Zealand Banking Group Limited will adjust its
CMLWAB; and CMLWAC Series of American Call Warrants and its CMLWAP
and CMLWAQ Series of European Put Warrants over ordinary shares in
Coles Myer Limited (CML), issued by it under Offering Circulars dated
28 November 2000, 1 March 2001, 28 November 2000 and 17 April 2001
(respectively), to take account of the recently announced special
dividend involving CML shares.

The adjustment will be made, consistently with the OCH adjustments,
in accordance with the following formula:

New contract size  
=    Old contract size* + Value of Return for each Old Contract Size 
                             (VWAP - Return per Share)

New Required Number of Warrants    =         1 
                                        New contract size

New Exercise Price
= Old Exercise Price x New Required Number of Warrants 
                       Old Required Number of Warrants 

Where:

Old contract size is 0.5 CML Shares per Warrant for each of the
CMLWAB, CMLWAC, CMLWAP and CMLWAQ Series of Warrants.

Old Required Number of Warrants is 2.

VWAP = the volume weighted average price of shares in CML traded on
the ASX on 16 May 2001.

The adjustment will take effect as of the close of trading on the
last cum dividend date being 16 May 2001. The revised Required Number
of Warrants and Exercise Price will be announced following the
calculation.


J Koeppenkastrop
HEAD OF EQUITY DERIVATIVES