Update on UDC Secured Investments
16 January 2019
Recently UDC has undertaken a review of its funding sources. Following this review the current intention is to repay all existing Secured Investments in mid to late 2019 and wind-up the UDC debenture programme.
While UDC prepare for this, the following changes will be made to the programme:
• From 16 January 2019, the UDC debenture programme will be closed to new deposits. Customers with existing term investments which mature on or before 14 February 2019 will have the option to reinvest their deposits or have their investment repaid.
• From 15 February 2019, customers with existing term investments will no longer be able to reinvest their deposits when they mature and will have their investment repaid.
• Existing Call Accounts and Dealer Reserve Accounts will remain open for customers to continue to use.
If a final decision is made to repay all existing Secured Investments, investors will receive an Election Notice giving them the choice to have their UDC Secured Investments either converted into an ANZ Equivalent Product (as defined in the PDS) or repaid directly to them.
Market Release - Update on UDC Strategic View
ANZ today announced it will not be pursuing an initial public offering (IPO) of UDC Finance, following the completion of a strategic review of the business.
UDC is a wholly-owned subsidiary of ANZ Bank New Zealand and is the leading asset finance company funding plant equipment, vehicles and machinery in New Zealand.
ANZ announced in March 2018 it was exploring a range of options for UDC’s future, including a possible initial public offering of ordinary shares.
ANZ New Zealand Chief Executive Officer David Hisco said: “UDC has continued to perform strongly while we have been looking at our strategic options. While we may still consider a sale in the future, we have decided to put a hold on all sale discussions for now and focus on continuing to grow the business.”
Event Based Disclosure StatementsEvent Based Disclosure Statement 22 June 2017
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