ANZ has announced a proposal to establish a non-operating holding company, ANZ Group Holdings Limited (ANZ NOHC), as the new listed parent company of the ANZ group. This move involves restructuring its banking and certain non-banking businesses into two distinct groups: the Bank Group and Non-Bank Group.
The proposed restructure will be decided by ANZ shareholders in a vote scheduled for December 15, 2022. This Scheme Meeting will take place immediately after ANZ's 2022 Annual General Meeting on the same day.
According to ANZ, "The Restructure aims to assist ANZ to better deliver its strategy to strengthen and grow its core business further." If approved, shareholders will receive an equivalent number of shares in ANZ NOHC as their current holdings, with exceptions for ineligible foreign shareholders.
The Explanatory Memorandum regarding this restructure has been registered with the Australian Securities and Investments Commission and is available on ANZ's website. Shareholders are encouraged to read it thoroughly before voting on the Scheme.
An independent expert report by Grant Samuel & Associates Pty Limited is included in the memorandum. The report states that "the Restructure (including the Scheme) is in the best interests of ANZ shareholders."
ANZ directors also support this view, recommending that shareholders vote in favor of the Scheme. They emphasize that "the Restructure can only go ahead if the Scheme is approved by ANZ shareholders."
The Scheme Meeting offers both in-person attendance and online participation through https://meetnow.global/ANZ2022. Additional details about the restructure can be found at www.anz.com/schememeeting.