This Notice is being issued to provide Participants with further information in relation to the bid and details the acceptance process through CHESS.

• On 5 November 2020, NAB issued a redemption notice for NAB Convertible Preference Shares II (CPS II) in accordance with the CPS II terms.  That notice confirms that on 17 December 2020, NAB will redeem all CPS II for $100 per CPS II (CPS II Redemption Price).

• On 16 November 2020, NAB announced an offer of new securities called NAB Capital Notes 5. That offer contains a Reinvestment Offer which provides eligible holders of CPS II with the opportunity to reinvest their CPS II into NAB Capital Notes 5 by directing NAB to pay the aggregate CPS II Redemption Price as the Application Monies for those NAB Capital Notes 5, and by doing so, maintain an ongoing investment in securities issued by NAB.

The Reinvestment Offer opened on 24 November 2020.

For more information, including your options as a CPS II holder, please see the NAB Capital Notes 5 Prospectus dated 24 November 2020 which was lodged with ASIC and ASX on that date.

What do I need to do by when?

Please be advised that additional CHESS Acceptance Code NAB043 has been created.

Bid Details:

Offer Terms:

CHESS will process offer acceptance messages until 5:00pm (Sydney time) on 11 December 2020, or in the event that the offer closing date changes, such other time as may be notified by NAB to the market.

For further information relating to the Offer, please contact the NAB Capital Notes 5 Information Line on 1300 367 647 (within Australia) or +61 3 9415 4299 (outside Australia) (Monday to Friday 8.00am – 7.30pm)

Need more information?

Issued by

Eldon Hernando, Equity Operations

Contact information

Eldon Hernando
1800 814 051
chesshelp@asx.com.au

General Information

Participants should refer to Section 13 of the CHESS Procedure Guidelines for Participants and Section 14 of the ASX Settlement Operating Rules for further information concerning the processing of Takeover Acceptance Messages & Takeover Acceptance Removal Request Messages for a CHESS holding of securities. Some of these issues are summarised below.

A Participant must submit acceptance of an offer by transmission of an EIS type ‘031’ message (Takeover Acceptance Message) where the securities in Question are held in a CHESS Holding. The Participant will receive a ‘032’ message (Effected Takeover Acceptance Message) from CHESS in response.

In addition to the electronic notification to the Participant, paper notification will be sent directly to the Holder as securities are reserved in an offer-accepted subposition. Any change to the balance of securities in the subposition will generate further electronic notification to the Participant and paper notification to the Holder.  

Where a Participant receives instructions from a Sponsored Holder, the Participant is required under the ASX Settlement Operating Rules to submit an acceptance as follows:

If the Holder specifies the time when or by which the offer must be submitted, in accordance with those instructions; otherwise by End of Day on the date of receipt of instructions from the Holder, where the offer closes on the date of receipt of instructions then prior to the close of the offer.

Participants should therefore retain, as a minimum, a record of the date on which instructions to accept an offer is received from a Sponsored Holder.

If Securities in a CHESS holding have been reserved by ASX in an offer accepted subposition, a release of the Securities from that subposition may be initiated by a Valid Originating Message if the Holder of the Securities to which the tender relates is legally entitled.

A Participant must initiate removal of a Takeover Acceptance Message by transmission of an EIS type ‘085’ message (Takeover Removal Request Message) where the securities in Question are held in a CHESS Holding. The Participant will receive a ‘086’ message (Acceptance Removal Request Message) from CHESS in response.       

In addition to the electronic notification to the Participant, paper notification will be sent directly to the Holder as securities have been removed from an offer-accepted subposition. Any change to the balance of securities in the subposition will generate further electronic advice to the Participant and paper advice to the Holder.

Participants should therefore retain, as a minimum, a record of the date on which instructions to withdraw Securities are received from a Sponsored Holder.

Disclaimer