About NAB Subordinated Notes
NAB Subordinated Notes (NSN) were interest bearing notes which constituted direct, subordinated and unsecured obligations of NAB. Each NAB Subordinated Note was issued on and subject to the provisions of the Deed Poll and the Terms.
On 20 April 2017, NAB gave notice to NSN holders that the NSN would be redeemed on the first optional redemption date of Monday, 19 June 2017 (in accordance with their terms). For each NSN held on Friday, 9 June 2017 (the record date for payment), holders received a cash payment of $100 (being the face value of the NSN) plus a final interest payment of $1.1331 in respect of the interest period from (and including) 20 March 2017 to (but not including) 19 June 2017.
Payments were made in cash on 19 June 2017.
The last day of trading in NSN on the Australian Securities Exchange (ASX) was on 7 June 2017.
For Australian resident holders, distributions received would generally form part of your Australian taxable income. Franking credits were not attached to the distributions made.
A general outline of the taxation implications for certain investors who are Australian residents for tax purposes can be found in the Australian taxation summary in to Section Five of the Information Memorandum. The taxation implications of your investment in NAB Subordinated Notes depend on your individual circumstances. You should obtain your own taxation advice regarding the receipt of interest payments and the receipt of the final redemption amount in respect of the NAB Subordinated Notes.
For more information on the NABHB please refer to:
- NAB Subordinated Notes payment history and relevant ASX announcements from 18 September 2012 to 19 June 2017
- ASX announcement - Notice of redemption of NAB Subordinated Notes (NSN) (PDF, 273KB), opens in new window
- NAB Subordinated Notes – Offer Document (PDF, 1MB), opens in new window
- NAB Subordinated Notes – Amended Deed Poll (PDF, 1MB), opens in new window
In accordance with the Terms of the NAB Subordinated Notes (the NSN Terms), NAB had the right to elect to redeem all or some of the NAB Subordinated Notes on 19 June 2017 or on any Interest Payment Date falling after that date. NAB was able to do so with at least 30 days’ (and no more than 60 days’) notice to Holders of NAB Subordinated Notes, Computershare and the ASX.
NAB gave notice of its election to redeem all the outstanding NAB Subordinated Notes on 20 April 2017.
Payments of the final interest payment of $1.1331 and the Face Value (being $100) were made on 19 June 2017, in cash, in accordance with your existing payment instructions, unless you requested otherwise. All payments were subject to the NSN Terms.
The taxation implications of your investment in NAB Subordinated Notes will depend on your individual circumstances. You should obtain your own taxation advice regarding the receipt of interest payments and the receipt of the final redemption amount in respect of the NAB Subordinated Notes.
A general outline of the taxation implications for certain Australian tax resident investors can be found in the Australian taxation summary in Section Five of the Information Memorandum.
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