“We understand the need to keep their [tier one] capital ratio high and that there is an expectation from regulators for them to do so, but they could have done that and still maintained a high level of dividend. Second, there are far better opportunities on our current Buy list. An agreement on the terms and subject to the conditions set out in these Terms and Conditions between NAB and an Applicant for participation either as a Full Participant or a Partial Participant is made when NAB accepts an Application in respect of the BSP from the Applicant. We’d be surprised if [ANZ and Westpac] weren't looking to build up their capital base. (b) Any such variation, termination or suspension: 1. shall be effective from the date of such resolution or otherwise as determined by the Directors; and. Shareholders should choose the method by which their dividends are paid with careful regard to their individual circumstances. National Australia Bank (NAB) has gone into a trading halt after announcing a $3.5bn capital raising and that the interim dividend will be cut from 83 cents last year to just 30 cents.. Last year in Salad days over for big banks, we explained why the gravy train of higher share prices and higher dividends was over.The economic downturn triggered by COVID-19 has only served to speed up the … Our countertop, mobile and integrated terminals can move your business in the right direction. © National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. It has been a bumper season for dividend pay-outs. The Directors have the discretion to determine that any residual positive balances will be paid to Participants (either by direct credit or cheque) where, in the opinion of the Directors, it would be unlawful or impractical for these balances to be carried forward to the next dividend. Should they announce capital raisings of their own, as multiple market sources have predicted, he said both banks have sufficient capital to go down the DRP path rather than more dilutionary capital raising vehicles. Share. (i) Participation by any joint Participants in a Plan will be terminated (other than in respect of any Dividend for which the Record Date has already occurred) following receipt by NAB (subject to clause 7) of a notice of death of one or more of the joint Participants. The last election date for the DRP was 5.00pm (AEST) on 5 May 2020. Reinvesting cash should be a priority. Consequently, no Australian dividend withholding tax is payable and no amount should form part of your Australian taxable income. You'll generally be subject to Australian dividend withholding tax on any unfranked part of the dividend. Dennis Shore, the Australian Shareholders Association's official NAB company monitor, said that while "in an ideal world" dividends would be kept at high levels, that most retail investors would just be "grateful" to receive some form of investment income in the current climate. In certain circumstances, bonus shares are treated as a dividend to which franking credits attach (for Australian tax purposes). Wed 07 November 2018 01:27 PM Managing your portfolio. by mail addressed to NAB Share Registry, GPO Box 2333, Melbourne VIC 3001 Australia. You now have access to Free InvestSMART Insights, we look forward to helping you on your financial journey. Words importing the singular number shall include the plural where the context so admits and vice versa and words importing the masculine gender shall include every other gender. Where the application of the formula in sub-clause 15(a) results in a fractional entitlement, the fractional entitlement will be carried forward to the Participant’s Plan account, without interest, to be applied towards the calculation at the time of the next dividend. "FREE" : "$" + t.Cost.toFixed(2) }}, Copyright © 1999-2020 InvestSMART Financial Services Pty Ltd. All rights reserved | Australian Financial Services Licensee: AFSL # 226435 | ABN 70 089 038 531 |, Intelligent Investor Model Income Portfolio, The Intelligent Investor Equity Income Fund. To check if you already have dividend crediting enabled on your account, hover over 'Admin' in the main navigation, and click on 'Permissions'. Conditions apply. Institutional investor Plato Asset Management says National Australia Bank's 60 per cent dividend cut will hurt retirees at the worst possible time and called on ANZ and Westpac to make more reasonable cuts.

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