Dividend Reinvestment Plan

Click here for a copy of the detailed rules that govern the DRP.
You are strongly encouraged to read them in their entirety before you decide whether or not to participate in the DRP

Participation in the DRP is voluntary.

All Australian resident shareholders are eligible to participate in the DRP.

If you choose to participate, you need to complete a Notice of Election form and return it to our share registry, Computershare.

Once you submit a Notice of Election form, your participation in the DRP will commence from the first dividend record date after the receipt of your correctly completed form. Forms must be received no later than 5pm on the dividend record date.

Once you submit a Notice of Election form, that election remains in place for all future dividends, unless it is withdrawn or varied by you.

You can join, withdraw or vary your participation in the DRP at any time, except during the period between the dividend record date and the dividend payment date.

If you choose to participate in the DRP, the number of DRP shares you receive will be calculated by dividing the amount of the dividend payable on your shares participating in the DRP by the allocation price for the DRP shares.

The default mechanism for determining the allocation price for DRP shares will be the volume weighted average price (VWAP) of the shares for a specified period, known as the pricing period, against which a discount may be applied. For each dividend the company will announce both the pricing period and discount in advance of the record date to give you the option to join or withdraw from the DRP, or vary your level of DRP participation. Alternatively, the plan rules provide for the Board to set the price at which the DRP shares will be allocated. This price will be announced so that you have an opportunity to join, or withdraw from, the DRP or vary your level of participation.

DRP shares will be allocated to you on the dividend payment date. Computershare will forward a statement to you shortly after allotment, confirming the details.

You can choose to have less than your full shareholding participating in the DRP by nominating a fixed number of shares on your Notice of Election form, for partial participation in the DRP. If you choose partial participation, you will receive a dividend cheque or direct credit for the portion of your shares not participating in the DRP.

After calculating the number of DRP shares you will receive, there may be a small cash balance remaining as a result of rounding, which will be less than the allocation price of one DRP share. Generally, this amount will be carried forward to the next dividend payment date. There are no brokerage, commissions or other transaction costs payable in relation to shares issued under the DRP, and under present law no stamp or other duties are payable.

The company may choose to underwrite the DRP. The underwriting process involves one or more financial or other institutions guaranteeing a minimum level of DRP participation. In the event that the participation level does not achieve the level specified, the underwriter will purchase the shares up to that level. Underwriting guarantees a minimum cash inflow to the company.

The company recommends that you obtain professional tax advice in relation to the DRP. Advice received by the company is that DRP shares are treated in the same way as a cash dividend by the Australian Taxation Office and that the Australian Taxation Office treats the amount of the dividend reinvested as forming part of the cost base of the shares received under the DRP. The company takes no responsibility for any tax liability to shareholders as a result of participating in the DRP.

The above is a summary of some of the key terms and reflects the structure under which it is envisaged the plan will operate. However, there is some flexibility in plan rules and, as noted above, you should read the plan rules in their entirety.