Distribution Notice – 28 November 2022
Pursuant to the terms and conditions of the Capital Notes issued by Police & Nurses Limited (ABN 69 087 651 876) on 26 May 2022 (ISIN: AU3FN0069290), we provide the following Notification of Distribution Rate and expected Distribution.
Cash Distribution
For the Distribution Payment Date falling on 28 November 2022:
- The Distribution Rate (calculated in accordance with Condition 5.4 of the Capital Notes, as shown below in paragraph (a)) is 5.7101% per annum; and
- The expected cash Distribution (calculated in accordance with Condition 5.4 of the Capital Notes, as shown below in paragraph (b)) payable on that date per Capital Note is $1,102,911.66.
(a) Calculation of Distribution Rate
Condition 5.4(a) provides that the formula for calculating the Distribution Rate is as follows:
Distribution Rate = (3M BBSW Rate + Margin) x (1 – Tax Rate)
- The 3M BBSW Rate (at approximately 10.15am Sydney time on the first Business Day of the Distribution Period) was 2.4073% per annum.
- The Margin is 5.75% per annum.
- The Tax Rate is 30%.
The Distribution Rate is therefore 5.7101% per annum, i.e. (3M BBSW Rate + 5.75%) x (1 – 30%).
(b) Calculation of expected cash Distribution per Capital Note
Condition 5.4(a) provides that the formula for calculating the expected Distribution is as follows:
Distribution = Distribution Rate x Face Value x N / 365
- The Distribution Rate is 5.7101% per annum.
- The Face Value is $10,000.00.
- “N” means the number of days in the Distribution Period, being 94.
The expected Distribution per Capital Note is therefore $147.0549, i.e. 5.7101% x $10,000 x 94 / 365.
Payment of Distributions is in the absolute discretion of the Issuer and subject to no Payment Condition existing as at the Distribution Payment Date.
(c) Franking Credits
The Distribution will be fully franked.
In relation to the Registrar (Austraclear Services Limited) and Holders of the Capital Notes Distribution as a whole, franking credits are allocated as follows:
Amount of the Distribution:
- Franking rate: 100%
- Franked amount: $1,575,588.0822
- Unfranked amount: nil
- Franking credit: $472,676.4247