Equity Trustees Ltd Announces Improved Offer For The Trust Company Limited

Equity Trustees Ltd announced it has formalised an Improved Offer to acquire The Trust Company. Key features of the Improved Offer are: 37 EQT shares for every 100 TRU shares; Opportunity for TRU to pay 22 cents as a special dividend; Revised estimate of expected synergies – now $11 million, with potential upside; Including synergies, represents a 19% to 29% increase from EQT’s original offer; and Prospect of higher dividends for TRU shareholders on achievement of estimated benefits compared to the Perpetual proposal. Equity Trustees has assessed the possibility of including a cash component in the Improved Offer in addition to the opportunity for a 22 cent special dividend from TRU. Strong support has been received from several financial institutions to provide funding through the provision of debt and/or equity to Equity Trustees.