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Is it worth taking up the SPP capital raising in ANZ? I have about 5000 shares in ANZ, as well as holdings in the other 3 major banks, held in my self managed super fund. I plan to take up the SPP in CBA but not sure about ANZ.
Your advice would be appreciated.
A: While ANZ is my least preferred major bank, I think that the banks stocks are cheap and good value.
With the ANZ Share Purchase Plan, you don’t have to decide until Tuesday 8 September (if you are paying by BPay, you would probably want to make this call by Sunday 6 September). The price for the shares won’t be known till mid September, but as it is likely to be based on the weighted average trading price over the 5 days from Wed 2 Sept to Tuesday 8 Sept less a 2% discount, you currently have no price risk.
Legally, I can’t tell you what you should do (unless I have a full understanding of your financial objectives, needs, investment timeframe etc). However, I can tell you what I currently plan to do and provided I can find the cash, I will apply for the maximum amount of $15,000. I won’t make this call until 6 September.
Hope this helps.
