Investor Presentaiton
MyState
Sub Debt Issue | Investor Presentation 11
Limited
Proposed subordinated debt structure
Conversion Following a Non-
Viability Trigger Event
Conversion Number
If a Non-Viability Trigger Event occurs, the primary method of loss absorption is Conversion. Upon a Non-Viability
Trigger Event occurring, the Issuer may be required to Convert all or, in some cases a proportion of the
Subordinated Notes into Ordinary Shares. If for any reason Conversion is not effected within five Business Days,
Subordinated Notes will be Written-Off and Holders' rights, including any rights to unpaid interest or Additional
Amounts and repayment of principal, will be immediately and irrevocably terminated with effect on and from the
Conversion Date.
On the Conversion Date, the Issuer will, for the Principal Amount of Subordinated Notes held by the Holder that is
required to be Converted, allot and issue that number of fully paid ordinary shares in the capital of the Issuer which is
the lesser of the number calculated according to the following formula and the Maximum Conversion Number:
(the "Conversion Number")
where:
Principal Amount
(1-CD) × VWAP during the VWAP Period
Principal Amount (including where these words are used for the purposes of the definition of Residual Outstanding
Principal Amount) means in respect of any Subordinated Note which is outstanding at any time, the outstanding
principal amount of the Subordinated Note, and for such purposes:
(a) the principal amount of a Subordinated Note issued at a discount, par or at a premium is at any time to be
taken to be equal to its Denomination; and
(b) if the principal amount of a Subordinated Note has from time to time been Converted or Written-off as
described in, and in accordance with, Conditions 5 ("Non-Viability, Conversion and Write-off") and 6
("Procedures for Conversion") the principal amount of the Subordinated Note will be reduced by the principal
amount so Converted or Written-off;
CD means 1%; and
VWAP Period means in the case of a Conversion resulting from the occurrence of a Non-Viability Trigger Event, the
period of 5 ASX Business Days on which trading in Ordinary Shares took place immediately preceding (but not
including) the Non-Viability Trigger Event Date.
This is a summary of the proposed Terms and Conditions for MyState Limited Subordinated Notes - Further information and complete terms in connection to any issuance is included in the
Information Memorandum dated 23 December 2016 as supplemented by the preliminary Pricing Supplement dated 29 June 2020View entire presentation