Westpac Banking Corporation (ASX: WBC) today completed the transfer and conversion of the remaining Westpac Convertible Preference Shares (ASX: WBCPC).
Unitholders were paid par value ($100) for each unit on the 3rd of April 2018. The final dividend of $0.1782 unit per share for the period from 14 March 2018 to 31 March 2018 was also paid following the successful reinvestment offer and issuance of the Westpac Capital Notes 5 (ASX: WBCPH). The record date was the 23rd of March 2018.
Following the transfer, Westpac converted all WBCPC to ordinary shares at a conversion price of $29.4957. This increased WBC's Common Equity Tier 1 (CET1) Capital Ratio by 14 basis points.