Ann: NAB reaches agreement with AXA and AXA APH , page-14

re: Ann: NAB reaches agreement with AXA and A... I believe that NAB is on the record that this issue (if at all necessary), would be by means of issuing rights to shareholders, at about 8% discount to the market price at the time.

Now, depending on the terms, those rights could be sold on the market by those who do no want to participate to others, or exercising the rights to convert them to shares.

Or the rights could be non-renounceable, meaning shareholders can not sell the rights and any shares not taken up by eligible shareholders would be sold on pro-rata basis to shareholders who applied for shares above their entitlement. Any shares still left over would be picked up by underwriter.

A lot fairer than the last SPP, where lion share of the new script went to big insto's and small share holders who applied for their $15,000 entitlement received 202 shares worth about 3.5k and a refund.

At this stage we still do not know if and when the deal is going through. ACCC could effectively kill it on 25th April. And even if they approve it, it will depend how many AXA share holders take cash and how many will want the share/ cash deal. Apparently NAB has the enough cash to buy the AXA outright. The cash that should go to you and me as higher dividend.