BANK OF WESTERN AUSTRALIA LIMITED (ASX.BWA)

in relation to the BankWest takeover, on 7 June 2011, BankWest apparently provided 715 records of unclaimed consideration for 342529 shares which amounted to $1 455 739.25. This lodgement was pursuant to section 414 of the Act. ASIC loaded the records and they appear on the searchable website - were those records ever gazetted? - we can find no record of that - the arrogance of the various parties involved is breathtaking - it is also ridiculous that companies take up to 10 years to account for unclaimed consideration arising from a takeover or merger - it should be gazetted and appear in ASIC's database within 10 months maximum

BankWest and HBOS plc have still failed to account for unclaimed consideration arising from the HBOS plc acquisition of Bank of Western Australia in 2003, more than six years ago - on 8 October 2008 HBOS Australia sold its Bank of Western Australia subsidiaries to Commonwealth Bank of Australia - CBA is now responsible, but where does the buck stop? - no wonder shareholders feel they are railroaded by directors and management - and where is ASIC?

we have requested that HBOS plc and/or BankWest advise us of unclaimed consideration in respect of the acquisition which occurred more than four years ago - HBOS plc informs us BankWest is responsible, BankWest informs us Computershare is responsible - Computershare point us back to BankWest who can't be bothered to respond - no wonder shareholders constantly complain to us they get the run around - and given this transaction dates back to 2003, why has HBOS plc failed to inform ASIC of unclaimed consideration? - we have lodged a complaint with ASIC and alerted Dennis Stevenson the HBOS chairman to the absence of accountability within his organisation

delisted following completion of Schemes of Arrangement between the Company and its shareholders and optionholders pursuant to which Scottish Western Australia Holdings Pty Limited has become the sole shareholder of the company

we understand BankWest shareholders received a cash amount of $4.25 for every BankWest share held - shareholders who were registered shareholders on 13 August 2003 also received an interim dividend of 10 cents for each BankWest share held - BankWest option holders received a cash amount for every BankWest option held; the amount of the cash payment depended on the expiry date and exercise price of the options

when HBOS plc acquired the shares in Bank of Western Australia, minority shareholders received $4.25 per share - the shares were disposed of on or about 11 September 2003 - if the capital proceeds of $4.25 were more than the cost base of the share, the difference was a capital gain in 2003-04 - if $4.25 was less than the share's reduced cost base, the difference was a capital loss