ANZ has provided an update on its plan to create a non-operating holding company and separate its banking and certain non-banking businesses into two distinct groups. This proposed restructure involves establishing ANZ Group Holdings Limited (ANZ NOHC) as the new listed parent company of the ANZ group through a scheme of arrangement. The restructuring aims to divide ANZ's operations into a Bank Group and a Non-Bank Group.
Shareholders will be asked to vote on this scheme on December 15, 2022, following the company's Annual General Meeting scheduled for the same day.
This development comes after the Federal Court of Australia authorized ANZ to convene a meeting of shareholders to consider and vote on the Scheme. The court also approved distributing an explanatory statement with details about the Scheme and notice of meeting for shareholders.
The proposed restructure is intended to enhance ANZ's ability to execute its strategy by strengthening and expanding its core business. If approved, shareholders will receive shares in ANZ NOHC equivalent to their current holdings, except for ineligible foreign shareholders.
ANZ directors are recommending that shareholders vote "Yes" in favor of implementing the restructure.
The Explanatory Memorandum, which includes an independent expert’s report from Grant Samuel & Associates Pty Limited, will be released to the ASX after registration with the Australian Securities and Investments Commission. It will also be available on ANZ’s website. Shareholders are encouraged to read this document thoroughly before deciding how to vote on the Scheme.