Shareholders Update: Corporate Activity
Shareholders Update: Corporate Activity
On 21 February 2013, Equity Trustees Limited (“Equity Trustees”) announced its intention to make an off-market takeover offer for all the issued shares in The Trust Company Limited (“The Trust Company”).
Following this announcement, The Trust Company was approached by a number of parties expressing interest in the company. Following a comprehensive process to maximise value for shareholders, the Board determined that the proposal from Perpetual Limited (“Perpetual”) was the most attractive and was in shareholders’ best interests. Consequently on 7 May 2013, The Trust Company announced that it had entered into a Scheme Implementation Agreement with Perpetual to implement a proposal from Perpetual to acquire all of the shares in The Trust Company (“Perpetual Scheme”).
On 21 June 2013, Equity Trustees increased its takeover offer for The Trust Company (“Revised Equity Trustees Takeover Offer”). At this time, Equity Trustees revised its estimate of the synergies it believed were possible from a combination with The Trust Company.
On 27 June 2013, The Trust Company announced that it had engaged Ernst & Young (“EY”) to assist it with the assessment of potential synergies and implementation costs estimated by Equity Trustees from combining Equity Trustees and The Trust Company and the potential synergies and implementation costs estimated by Perpetual in relation to its proposed scheme. The key findings from the EY synergies assessment were outlined in the announcement made by The Trust Company on 23 July 2013.
Consequently, the Board of The Trust Company has concluded that to fully evaluate the Equity Trustees offer, so that the Board can provide shareholders with sufficient information to make a fully informed decision, it is necessary to undertake further enquiry of Equity Trustees. The reasons for undertaking this assessment are outlined in the announcement made by The Trust Company on 23 July 2013. It is anticipated that this further assessment could be completed on an expedited basis, assuming availability of relevant information and personnel from Equity Trustees.
At this stage, the Board of The Trust Company continues to believe the Perpetual Scheme to be superior and, accordingly, continues to recommend the Perpetual Scheme. The Trust Company advises shareholders to take no action in relation to the Revised Equity Trustees Takeover Offer until after The Trust Company has completed its evaluation of this revised offer.
The Board will continue to keep you updated on developments as they occur. In the meantime, if you have any queries in relation to the Revised Equity Trustees Takeover Offer or Perpetual Scheme, please contact our Shareholder Information Line on 1800 505 206 (within Australia) or +612 8256 3354 (callers outside Australia).
We are committed to a progressive dividend policy with a payout ratio of at least 80% of net profit after tax. This is consistent with our strategic goal of delivering increased dividends to our shareholders.
For more shareholder information please visit the following links:
April 2013 – Annual Results and Final Dividend Announcement
May 2013 – Annual Report and Notice of Annual General Meeting mailed to Shareholders
May 2013 – Payment of Final Dividend
July 2013 – Annual General Meeting of Shareholders
31 August 2013 – Half Year End
October 2013 – Half Year Results and Interim Dividend Announcement
|Dividend||Payment Date||Rate||Franking||VWAP^||DRP issue price*|
|Final||21/05/2007||24 cents||Fully franked||N/A||N/A|
|Interim||26/11/2007||24 cents||Fully franked||N/A||N/A|
|Final||26/05/2008||30 cents||Fully franked||N/A||N/A|
|Special||11/07/2008||$1.00||Franked to 70%||N/A||N/A|
|Interim||28/11/2008||20 cents||Fully franked||$6.5985||$6.43|
|Final||20/05/2009||22 cents||Fully franked||N/A||N/A|
|Interim||12/11/2009||17.2 cents||Fully franked||N/A||N/A|
|Final||25/05/2010||16 cents||Fully franked||N/A||N/A|
|Interim||11/11/2010||17 cents||Fully franked||N/A||N/A|
|Final||16/05/2011||18 cents||Fully franked||N/A||N/A|
|Interim||14/12/2011||17 cents||Fully franked||N/A||N/A|
|Final||24/05/2012||18 cents||Fully franked||$4.98||N/A|
|Interim||8/11/2012||12 cents||Fully franked||$5.28||N/A|
^ The VWAP is the volume weighted average market price of shares sold on and after the book’s closing date over a designated period in accordance with clause 7 of the DRP.On 18 October 2011 The Board announced the reinstatement of the dividend reinvestment plan (DRP) in relation to the interim dividend to be paid on 14 December 2011. The DRP terms and conditions are available in the Downloads tab.
* The Board announced on October 2011 that a discount of 5.0% will apply to the price of shares acquired under the DRP for the interim dividend to be paid on 14 December 2011.
- The Trust Company Constitution
- The Trust Company Board Charter
- The Trust Company Diversity Policy
- The Trust Company Directors’ Share Trading Policy
- The Trust Company Employee’s Share Trading Policy
- The Trust Company Share Plan Deed
- The Trust Company Dividend Reinvestment Plan
- The Trust Company Dividend Reinvestment Plan Information Booklet
- The Trust Company Audit, Risk and Compliance Committee Charter
- The Trust Company People and Remuneration Committee Charter
- The Trust Company Philanthropy and Community Committee Charter
2013 Annual Report
Our full year financial statements
View previous years’ annual reports
Please note that past performance is not a reliable indication of future performance.