The net proceeds from the sale of Suncorp Bank of $4.1 billion will be distributed to ordinary shareholders in the form of a $3.8 billion capital return equating to $3.00 per share, and a fully franked special dividend of $0.22 per share.
The capital return will be accompanied by a share consolidation. The share consolidation will be implemented in a manner which ensures each shareholder’s proportionate interest in Suncorp remains unchanged following the capital return. The consolidation ratio is 0.8511.** Share fraction will be rounded up.
To be eligible for the capital return and special dividend, shareholders must hold shares by the close of business on the 14 February 2025.
'The record date will be the 18 February 2025, will be eligible for the capital return and special dividend.
Here are the instructions to account for the capital return and share consolidation in your Stock Doctor portfolio:
Capital Return and Special Dividend
The capital return of $3.00 will automatically update in your portfolio manager and the payment date is the 5 March 2025.
The special dividend of $0.22 per share, will automatically update in your portfolio manager and the payment date is the 14 March 2025.
Share Consolidation
- Navigate to the portfolio containing Suncorp Group Limited (SUN)
- In the ’Securities Held’ tab, please click on SUN, and this will take you to the SUN transaction securities screen.
- Scroll down to the ‘Trades and Adjustments’ area.
- Click on the ‘Other Transactions’ button and in the drop-down menu click on ‘New Consolidation’.
5. In the new window pleas enter in the following:
- Date:17 February 2025
- In the box called “Holding after the adjustment date” enter in your new holding amount, please check to your holding statement. Being your current number of shares held multiplied by 0.8511.
- Optional: In the Notes box you can enter in a note. EG. Consolidation due to the sale of the banking division.
6. Click on the SAVE button.
To return to your securities held screen, please scroll to the top of the page and on the left-hand side, just above to Stock’s name, click on the button called “Back to Securities’.
You have now accounted for the share consolidation for SUN.
Our team in the office are ready and willing to assist you with any questions you have about any of the content above. Please give us a call on 1300 676 333 or email us at support@lincolnindicators.com.au with any questions you may have.
However, we are not licensed to provide tax advice and therefore anything which relates to tax or your personal circumstances we will not be able to answer. In order to have personal tax or finance questions answered, you will need to seek the services of a licensed practitioner who will be qualified to answer your queries.