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Corporate Actions

Last updated: 28 June 2008.

The latest large company announcements affecting Macquarie Margin Loan clients are outlined in following document.

This is not a complete list of all corporate actions currently affecting Australian shareholders. For further information about current Australian company announcements, visit the ASX website, or, for further information about current New Zealand company announcements, visit the NZX website.

Stock Code	Stock Name	Corporate Action Type	Details	Impact on Margin Lending clients
ARQ	ARC Energy Limited	Scheme of Arrangement	Directors of ARC Energy Limited (ARQ) and Australian Worldwide Exploration Limited (AWE) advise they propose to merge the two companies by way of a Scheme of Arrangement. ARQ's Canning Basin exploration assets will be Demerged into a separate ASX listed vehicle, Buru Energy Limited ("Buru") implemented by Capital Reduction. The Merger and Demerger is subject to approval. A meeting is expected to be held in late July 2008. The implementation date is expected to be in mid August 2008.	If the Merger is approved, ARQ shareholders will receive 0.30 AWE shares and $0.19 (via the Merger) and 0.425 Buru shares (via the Demerger) for each ARQ share held. Under the Merger there will also be an option for ARQ shareholders to elect to receive more cash and fewer AWE shares. The LVR for ARQ is currently 55% and 65% for AWE.
BVA	Bravura Solutions Limited	Takeover	Directors of Bravura Solutions Limited (BVA) advise they have entered into a Scheme Implementation Agreement with the special purpose subsidiary of Ironbridge Capital Pty Ltd (Ironbridge) under which Ironbridge proposes to acquire all the shares in BVA to be implemented by Interconditional Scheme of Agreement. The Scheme of Arrangement between Bravura and its shareholders, other than the Executive Directors (Share Scheme) and a Scheme of Arrangement between Bravura and the Executive Directors (Executive Directors' Scheme) are interconditional. Subject to approval. The implementation date is expected to be mid August 2008.	Bravura shareholders (other than the Executive Directors) will receive $1.73 in cash for each Bravura share held. MLF clients who have accepted the offer will have their shares removed from their MLF facilities. MLF clients will need to ensure there are sufficient funds on their facilities to allow the removal of the BVA stock. The LVR for BVA is currently 45%.
CBH	CBH Resources Limited	Scheme of Arrangement	Directors of CBH Resources Limited (CBH) and Perilya Limited (Perilya) advise that they propose to merge the two companies by way of interdependent Scheme of Arrangement.	If the Scheme is approved, CBH shareholders will receive 1 Perilya ordinary share for every 3 shares held and in addition 1 Perilya option expiring 31 December at a price of $2.00 for every 20 shares held. MLF clients will need to ensure there are sufficient funds on their facilities to allow the removal of the CBH stock. The LVR for CBH is currently 40%.
CIF	Challenger Infrastructure Fund	Takeover	Challenger Infrastructure Fund (CIF) has announced it has received an offer from UK group Arkmile Limited to acquire 100% of CIF's shares for consideration of $3.50 per share. The board of Challenger will meet shortly to consider the offer.	MLF clients who have accepted the offer will have their shares removed from their MLF facilities. MLF clients will need to ensure that there are sufficient funds on their facilities to allow the removal of the CIF stock. The LVR for CIF is currently 60%.
JST	Just Group Limited	Takeover	Premier Investments Limited (PMV) propose to acquire all the issued captial of the company, conditional upon more than 50% share acceptance. Directors advise shareholders not to take any action pending further advice. Shareholders will receive $2.20 cash per share (less the cash interim dividend of 10.5 cents payable by Just Group for which the record date is 9 May 2008); and 0.25 Premier Investments shares for each share held.	MLF clients will have their shares removed from their Margin Loan facilities if they choose to accept. MLF clients will need to ensure that there are sufficient funds on their facilities to allow the removal of the JST stock. The LVR for JST is currently 60%, and 55% for PMV.
LST	Lion Selection Limited	Takeover	Indophil Resources NL proposes to acquire all the issued captial of the company. Conditional upon at least 50.1% share acceptance. Shareholders will receive 2.7 IRN shares for each share held of Indolphil acquires 90% or more of Lion. The Lion Board unanimously recommends the Offer and accepts the Offer in respect of all shares owned by them and their Associates, if the Offer becomes or is declared unconditional. Directors advise that they unanimously recommend that shareholders reject the offer, which was communicated in May 2008.	MLF clients will have their shares removed from their Margin Loan facilities if they choose to accept. MLF clients will need ot ensure that there are sufficient funds on their facilities to allow the removal of the LST stock. The LVR for LST is currently 50% and 0% for IRN.
PRG	Programmed Maintenance Services Limited	Takeover	Spotless Investment Holdings Pty Ltd proposes to acquire all the issued captial of the company. Spotless Investment Holdings Pty Ltd currently have a relevant interest of 13.2% of PRG issued shares. There are 3 alternatives under the proposed takeover; (1) All Share Alternative: 1.62 Spotless shares per PRG share held; or (2) Majority Share Alternative: $1.50 in cash plus 1.223 Spotless shares per PRG share held; or (3) Maximum Cash Alternative: $3.00 in cash plus 0.825 Spotless shares per PRG share held.	MLF clients will have their shares removed from their Margin Loan facilities if they choose to accept. MLF clients will need ot ensure that there are sufficient funds on their facilities to allow the removal of the PRG stock. The LVR for PRG is currently 55% and 60% for SPT.
RIO	Rio Tinto Limited	Takeover	BHP Billiton Limited proposes to acquire all the issued capital of RIO. The offer is 3.4 BHP shares for each RIO share held. Conditional upon a minimum acceptance of 50%. The Boards of RIO have rejected the pre-conditional offer.	Pending release of further information.
TWR	Tower Limited	Takeover	Directors of GPG Twenty One Limted propose to acquire 15.30% of the issed capital of the company not already held or controlled by them. The consideration is NZ$2.30 cash per share. Conditional upon 15.30% share acceptance and approval required under Rule 10 of the Takeover code being obtained. However, Directors do not recommend that shareholders accepts the offer at a price of NZ$2.30.	MLF clients will have their shares removed from their Margin Loan facilities if they choose to accept. MLF clients will need to ensure there are sufficient funds on their facilities to allow the removal of the TWR stock. The LVR for TWR is currently 55%.
ZFX	Zinifex Limited	Merger via Scheme of Arrangement	Directors of Zinifex (ZFX) and Oxiana (OXR) have proposed the merger of the two companies by way of a Scheme of Arrangement. Zinifex shareholders will receive 3.1931 OXR shares for each share held. Zinifex Directors recommend that shareholders vote in favour of the proposed merger. Last date of trading ZFX Shares on ASX is expected to be 20 June 2008. Implementation date is expected to be 1 July 2008.	Lending on ZFX (60%) will be turned off on the last date of trading for ZFX Shares. Your Margin Loan Portfolio will be updated with the New Shares as per Scheme ratio and as it reflects on the HIN.

The information on this page is indicative and for informative purposes only, and subject to change with market fluctuations and as a result of further corporate actions. Some of your shares may have been affected by a corporate action. Please note that the table above may not display all corporate actions that currently affect your share portfolio.

Please contact the Account Management Team on 0800 407 198 for updated information regarding the impact of a corporate action on your individual loan facility.

Past performance of any product described on this site is not a reliable indication of future performance.

The information above has been prepared by Macquarie Lending NZ Limited (Company Number 206344) ("Macquarie") and does not take account any of your objectives, financial situation or needs. Before acting on this general advice, you should consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Macquarie Lending NZ Limited is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and Macquarie Lending NZ Limited's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Lending NZ Limited.

Macquarie Lending NZ Limited is a company incorporated in New Zealand and is not authorised to conduct banking business in any jurisdiction. Neither Macquarie Lending NZ Limited, nor any member of the Macquarie Bank Group are registered as a Registered Bank by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act 1989.

Important information