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

On 21 November 2022, Insurance Australia Group Limited (IAG) announced an offer of new securities called IAG Capital Notes 2. That offer includes a Reinvestment Offer whereby Eligible Capital Note 1 Holders may apply for some or all of the Capital Notes 1 registered in their name at 7:00pm (Sydney time) on 17 November 2022 to be resold to the Capital Notes 1 Nominated Purchaser for $100 per Capital Note 1 with resale proceeds to be reinvested into Capital Notes 2 on the Reinvestment Date.

The Reinvestment Offer is open from 29 November 2022 and is expected to close at 5:00pm Sydney time on 15 December 2022.

For more information, please see the IAG Capital Notes 2 Prospectus dated 29 November 2022 which was lodged with ASIC and ASX on that date.

What do I need to do by when?

Bid Details:

Offer Terms:

CHESS will process offer acceptance messages until 5:00pm (Sydney time) on 15 December 2022, or in the event that the offer is extended, such other times as may be notified by IAG to the market.

For further information relating to the Offer, please contact the IAG Capital Notes 2 Offer information line on 1300 360 688 (within Australia) or +61 3 9415 4210 (outside Australia) (Monday to Friday – 8:30am to 5:00pm Sydney time), or contact your Syndicate Broker.

Need more information?

Issued by

Rebecca Hayes, Equity Operations

Contact information

Rebecca Hayes
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